World News
Crude Prices Fall as U.S. Inventories Rise
Crude prices headed south today on both sides of the Atlantic as the U.S. EIA report showed crude inventories grew by 6.81 million barrels, nearly quadruple the amount expected by industry analysts and the most in over a year's time.
The build in crude along with a 9th day of a continued stalemate in talks over the government shutdown and lift to the debt ceiling overshadowed any investor concerns of further unrest and disruption to Middle East supply.
Republican and Democrat leaders have until October 17th to reach a consensus on the debt ceiling.
Also weighing on prices was a rise in the U.S. dollar reducing the appeal of investment in oil.
The refinery utilization rate dropped to a 5 month low of 86% as refineries begin maintenance now that the summer driving has come to an end.
WTI ended the day down $1.88, settling at $101.61 while Brent closely followed suit ending down $1.10, settling at $109.06. Bunkers prices were soft in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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