World News
Crude Benchmarks Decline on Increasing Supplies, Weak Demand
Crude benchmarks declined today, with WTI on pace to drop 6% for the month of October, the largest monthly drop in approximately a year.
Increasing supplies and weak demand was the driver behind the move continuing from yesterday after the EIA report was released.
Yesterday's report showed sharp gains in inventories in the world's largest oil consuming nation, spooking investors that demand is weak.
Pressure on both sides of the Atlantic also came as the dollar strengthened, reducing the appeal of oil as an alternative investment.
After spending the morning down and the afternoon flat, WTI ended the session down $0.39 at $96.38/bbl, while Brent slid $1.02 to settle at $108.84/bbl. Bunker prices remained stable in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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