World News
Bunker Prices Climb as Crude Makes Big Gains
Bunker prices continued their climb today along with WTI and Brent on news that a pipeline between Cushing, Oklahoma and the U.S. Gulf will begin operation next month.
TransCanada Corp's Keystone Pipeline is set to begin operations on January 3, 2014 and move crude out of Cushing and into Port Arthur.
The news had investors anticipating that the new operation will alleviate the bottleneck, however, some feel that storage capacity on the Gulf Coast will not be able to handle all the new supplies and may limit expectations.
In addition to news from OPEC's meeting, investors are also eyeing down tomorrow's EIA Inventory report for a look at supply & demand in the states.
This afternoon, the API reported a drop in crude supplies, supporting prices further after the settlement.
By day's end, WTI gained $2.22, settling at $96.04/bbl, while Brent gained $1.17 to end the session at $112.62.
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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