World News
Bunker Prices Stable as Crude Benchmarks Close Together
Bunker prices remained stable in the primary ports today as crude benchmarks continued coming closer together during the session.
Positive economic news in the states and fears of higher global supplies were the culprits of the market movements today.
The Labor Department reported that new claims for unemployment benefits fell to 280,000 last week, far below analysts' expectations of 320,000.
In more positive news, the Commerce Department reported that third quarter GDP in the U.S. grew faster than anticipated, showing growth of a 3.6% annualized rate against previous forecasts of only 3.2%.
The good news mixed with yesterday's EIA report kept WTI positive.
Across the pond, Brent felt pressure on fears that more crude from Libya and Iraq could enter the global market.
Investors now look to tomorrow's report on non-farm payroll report due out at 8:30 AM for further signals on the economy.
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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