World News
Crude Markets Continue Friday's Gains
Crude markets continued Friday's move and rose by day's end as North Sea production slowed and Libya closed an export terminal.
Brent climbed today after a compressor broke down recently, reducing production of Efofisk crude.
Additional support came as Libya closed its Es Sider port after opening again just yesterday.
The news had investors fearful that supplies would drop and helped push prices higher.
WTI followed Brent after first dropping this morning from reports showing that Japan's GDP only grew at 2.6% last quarter, down from 3.8% in the previous quarter and lower than the forecasted 3.6%.
Investors now await this week's oil and economic data for some insight to the U.S. demand and state of the economy.
Eyes lie on July retail figures as many will see how the Fed responds and if they will give a more accurate time that stimulus efforts will begin to taper.
WTI gained $0.14 to settle at $106.11/bbl by day's end and Brent rose $0.75, settling at $108.97/bbl. Bunker prices were stable in the primary ports.
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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