World News
Oil Markets Reverse Wednesday's Gains
The oil markets dropped today, giving back most of yesterday's gains after investors sold off their positions and locked in profits.
Many realized that if the central bank is going to maintain stimulus efforts, economic growth is not improving as much as many were hoping.
Additional pressure today came as Iran President Hasan Rouhani told news reporters that the country would not pursue any nuclear weapons.
This sparked feelings that tensions between Iran and Western countries could ease and eventually lead to a lift in sanctions, allowing more crude supplies to enter the marketplace.
Libya's production is also rebounding after recent labor disputes, with news reports saying that production could reach 700,000 to 800,000 barrels a day by the end of the week.
WTI dropped $1.68 today, settling at $106.39, while Brent fell $1.84 to settle at $108.76/bbl. Bunker prices were stable in the primary ports.
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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