World News
Crude Futures End the Day Down After a Volatile Day
Crude futures witnessed a day of volatility as speculators and by-standers tried to make sense of the supply deal propaganda.
OPEC and non-OPEC members are conceivably in efforts to stabilize a supply glut but likely no agreement will be reached in the near future as the big players are still trying to capitalize market share.
Oil producers in the west have proven diligent and a raise in prices would only entice them to ramp up production.
Front month contracts for Texas crude oil saw highs above $31.50 per barrel but finished the day in the red as it settled at 29.04 per barrel.
Brent contracts for April reached the upper ceiling of $35.00 per barrel but quickly diminished to finish the day just above $32.00 per barrel.
Bunkers were mixed today in the primary ports as suppliers tried to move in tandem with oil prices.
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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