World News
Trafigura Sees Oil Prices Dropping Into $60s/Bl
An executive from global oil trading firm Trafigura has raised the possibility of oil prices dropping into the $60s/bl.
Ben Luckock, global head of oil at Trafigura, discussed the possibility during an appearance at the Asia Pacific Petroleum Conference in Singapore on Monday, news agency Reuters reported.
The market will be waiting to see if OPEC returns to plans to ease off on output cuts, the report cited Luckock as saying.
Trafigura has typically been more bullish than its peers on oil prices in the past.
In another APPEC presentation Torbjorn Tornqvist, chairman of trading firm Gunvor, said around $70/bl was the current 'fair value' for oil, according to the report.
ICE Brent crude futures have dropped by 16.3% in price since a recent peak of $85.82/bl on July 4.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 578.00 | 3.00 | 624.00 | 1.00 |
| Rotterdam | 506.00 | 0.00 | 613.00 | 3.00 |
| Houston | 504.00 | 3.50 | 631.50 | 3.00 |
| Fujairah | 573.50 | 0.50 | 774.00 | 0.50 |
| Global 20 Ports Average | 591.00 | 0.50 | 730.50 | 3.00 |
| Global 4 Ports Average | 540.50 | 0.50 | 660.50 | 2.00 |
| Global Average Bunker Price | 636.50 | 0.50 | 803.50 | 4.50 |
Popular Now More
-
Sep 13Other firms in the country may also be under investigation, a local source tells Ship & Bunker. -
Sep 16The new director has worked for Shipergy since June 2022. -
Sep 12The new hire has worked in a range of roles for the company since August 2014.