World News
Speculators Lock in Profits as Crude Markets Fall
Crude markets fell for the first time in seven sessions as concerns about a storm in the Gulf of Mexico eased, reducing risk to production in the region.
The National Hurricane Center reported that there was no cyclone activity in the area, encouraging many companies to redeploy workers to rigs.
Late last week non-essential workers were removed from many of the rigs in the Gulf ahead of a potential storm, which sparked fears of supply disruptions and pushed prices higher.
Speculators locked in their profits from the recent rise in a sell-off this afternoon, further weighing on prices both sides of the Atlantic.
Today's drops were kept in check, however, as turmoil in Egypt and Libya continued to spook many investors that supplies in the region could be interrupted.
Though Egypt's army has guaranteed that the Suez canal and Sumed pipeline will remain safe, others aren't so optimistic.
Investors are now focused on this week's EIA inventory report to get a look at the supply & demand picture in the U.S. in addition to refinery operations as the summer driving season comes to an end and refineries will begin seasonal maintenance.
WTI fell $0.36 to settle at $107.10/bbl today and Brent dropped $0.50, settling at $109.90/bbl. Bunker prices were stable in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 7.00 | 617.00 | 6.00 |
| Rotterdam | 455.00 | 8.00 | 619.50 | 4.00 |
| Houston | 467.00 | 4.50 | 625.00 | 2.50 |
| Fujairah | 495.00 | 6.00 | 712.50 | 1.50 |
| Global 20 Ports Average | 524.50 | 4.50 | 710.50 | 4.00 |
| Global 4 Ports Average | 479.50 | 6.50 | 643.50 | 3.50 |
| Global Average Bunker Price | 570.50 | 2.00 | 747.50 | 5.50 |
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