World News
Crude Futures Tank as the U.S Dollar Makes Significant Gains
Crude futures tanked today as the U.S dollar saw significant gains compared to other currencies.
Brent front-month contracts for July softened by $1.65 per barrels settling in at a cool $63.72.
WTI contracts for July softened by $1.69 per barrel settling at $58.03.
There seems to be concern that the consistent rising of crude prices these past 2 months would entice U.S producers to go online, which in turn would cause an excess supply.
Information has surfaced that the termination of rig operations has slowed and that crude prices in the $60 range would be profitable to U.S players.
It should be noted that the next few weeks shall be interesting and we expect levels to sink as we near the Iran deal.
Bunkers were mostly soft in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 512.00 | 2.00 | 621.00 | 10.00 |
| Rotterdam | 479.00 | 2.00 | 623.50 | 5.00 |
| Houston | 480.50 | 11.00 | 627.50 | 17.50 |
| Fujairah | 502.50 | 1.00 | 711.50 | 3.00 |
| Global 20 Ports Average | 532.50 | 0.50 | 715.50 | 4.00 |
| Global 4 Ports Average | 493.50 | 4.00 | 646.00 | 9.00 |
| Global Average Bunker Price | 570.50 | 0.50 | 761.00 | 2.00 |
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