World News
Oil Markets Shrug at Abortive Russian Coup
Oil markets have remained sanguine at the prospect of increased instability in Russia after Wagner Group forces moved towards Moscow over the weekend.
ICE August Brent futures traded at $74.23/bl as of 7:19 AM in London on Monday, up from $73.85/bl at Friday's close.
On Friday night and Saturday, forces loyal to Wagner Group founder Evgeny Prigozhin moved into the Russian cities of Rostov-on-Don and Voronezh before advancing towards Moscow. Prigozhin had criticised the war in Ukraine in recent social media videos, calling for the replacement of Russian Defence Minister Sergei Shoigu and Chief of the General Staff Valery Gerasimov over the conduct of the war.
President Vladimir Putin accused Prigozhin of treason in a televised address on Saturday morning. But by the evening Russia had struck a deal with the Wagner Group forces, under which Prigozhin has moved to Belarus and his forces have withdrawn from Russian cities.
While Russian oil has become less prevalent in Western markets since the war in Ukraine and subsequent sanctions, any instability widespread enough to cause production outages would still be a major shock for global oil markets.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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