World News
Bunker Markets Confused as Energy Markets Make Mixed Movements
The energy markets were mixed today with WTI heading higher, while Brent ended lower, for the first time in the past three trading days.
The early weakness in US dollar, continuing from yesterday, pushed WTI higher early in the day and kept Brent in the green, despite the disappointing Chinese data that showed a slowing factory activity.
Later in the day, unexpected positive house sales in the US and manufacturing index helped the US dollar rebound and pushed oil prices lower.
WTI settled up $0.07/bbl while Brent slid lower $0.77/bbl leaving bunker markets confused and all over the place.
Supply is still very strong with Saudi Arabia pumping oil in a record pace and the US crude stockpiles increasing on a weekly basis for the past 4 months.
Soft bunker markets in the near future seem to continue despite any short term spikes.
Today prices were stable at the main bunkering ports.