World News
Crude Continues to Soften
China surprised investors today as the central bank devalued the yuan by nearly 2 percent following cascade of poor economic data.
Shockwaves were felt across all markets but commodities were hit particularly hard including oil which saw WTI reach its lowest level in 6 years.
OPEC reported that oil supplies outside the group will rise by 90,000 bpd this year, adding to the pressure on oil benchmarks and signaling that production is slow to be curbed despite the current global supply situation.
Despite OPEC's report the U.S. government cut crude oil production forecasts for both 2015 and 2016.
Tomorrows inventory report will help determine if prices are going to continue to erode.
As one would expect, prices were softening in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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