World News
First Approval in Over 40 Years for Exports of Unrefined US Oil Outside North America
by Marisa McGuire, 
Wednesday June 25, 2014
Big news today in the oil world as the U.S. Commerce Department quietly approved the first exports of unrefined American oil outside North America in over 40 years.
The gap between U.S. and global oil prices narrowed today on this news, which some analysts say could lead to a broader relaxation of the country's export ban.
Brent had made sharp gains in the past two weeks on concerns over fighting in Iraq.
But with exports from Iraq's southern terminals running near record levels and most of the country's oilfields in the peaceful south, far away from the Sunni insurgency, worries about supply have been easing.
Bunkers were stable throughout the day.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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