World News
Crude Futures Tumble on Far East Data
Crude futures dumped today in response to several key factors but the biggest was out of the Far East.
Chinese growth data for the third quarter showed that the Far East power house is slowing down which in turn alleviates demand for commodities such as crude oil.
The U.S. dollar also put negative sentiment on oil prices as it firmed compared to other currencies making oil less attractive as it's a commodity backed by the U.S. dollar.
Brent front month contracts were in the red all day and lost 3% of its value since Fridays close.
In the West we witnessed NYMEX contracts dump nearly 3% as the profit for gasoline crack softened well over 5%.
As refiners shift from summer to winter, refining capacity slows down which ultimately helps crude inventories grow.
It is expected that this weeks EIA data will show another monster build.
Bunkers were very soft today across the board and we suspect that they will continue falling.
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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