World News
Wednesday Oil Markets: Crude Prices Stabilize
After a sizeable drop yesterday, crude prices stabilized today with WTI gaining 39 cents to $66.82/bbl and Brent for December settlement falling 27 cents to $76.17/bbl.
The concern over global oil demand that contributed to yesterday’s big slide for oil prices continues to worry traders, but the US sanctions against Iran - set to take effect on November 4 - are helping to prop up prices, according to a report by Reuters.
With IMO 2020 on the horizon, critical for bunker buyers is that many still see 2019 prices at higher levels, including Andrew Sheets, chief cross asset strategist at Morgan Stanley, who says oil at $95/bbl by mid-next year is a possibility.
Jim Ritterbusch, president of oil advisory firm Ritterbusch & Associates, is another who sees more upside to oil: “We feel that surprises going forward with the run up to the November 4th deadline are more apt to be bullish than bearish despite Saudi assurances of stronger production.”
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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