World News
Oil Markets Fall on Both Sides of the Atlantic
Oil markets on both sides of the Atlantic fell today, as Libya prepared to open two of its export ports and investors expect the Federal Reserve to curb stimulus efforts next month.
Brent was pressured today as Libya's Oil Ministry reported that the ports of Zuetina and Hariga are ready to resume operations, allowing supplies to enter the market.
However, Brent's losses were limited by the ongoing concern in Egypt that the unrest could disrupt supplies through the Suez Canal and Sumed Pipeline.
In the U.S., the EIA's weekly inventory report was generally on par with what most analysts were expecting.
Crude stockpiles fell 1.4 million barrels, but the draw was not enough to drive prices much higher.
Focus was not so much on the numbers, but on news that one of the pipelines was pumping oil back into Cushing for the first time in a year.
Minutes from the Fed's July meeting were released today and showed that most members of the Federal Open Market Committee agreed with Bernanke's plan to reduce stimulus.
Investors are expecting this to begin in just a month, and felt that reduction in the efforts could inhibit economic growth and future demand for oil.
Investors' focus now lies on Chinese manufacturing data, expected out tomorrow.
WTI dropped $1.26 to settle at $103.85/bbl, while Brent only fell $0.34, settling at $109.81/bbl. Bunker prices were soft in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 506.50 | 3.50 | 605.00 | 4.50 |
| Rotterdam | 471.50 | 1.00 | 616.00 | 3.50 |
| Houston | 475.00 | 3.00 | 600.00 | 19.00 |
| Fujairah | 503.00 | 1.00 | 712.00 | 3.00 |
| Global 20 Ports Average | 532.00 | 0.00 | 706.00 | 0.00 |
| Global 4 Ports Average | 489.00 | 0.50 | 633.50 | 2.00 |
| Global Average Bunker Price | 570.00 | 1.50 | 755.50 | 2.00 |
Popular Now More
-
May 30Søren Høll has stepped down as head of global operations at Bunker Holding as of this month. -
May 27Chris Young has recently joined the company as management consultant, a Sekavin representative tells Ship & Bunker. -
May 28ScanOcean tells Ship & Bunker it expects biofuel demand to grow in the latter part of this year as many shipowners holding off on compliance purchases under FuelEU Maritime begin to act.