World News
Crude Benchmarks Rise as Libya's Production Level Drops
A drop in Libya's crude production was the driver behind today's rise in crude benchmarks.
Brent rallied after news reports stated that Libya's exports have fallen to their lowest levels in six weeks after new labor protests started up over the weekend.
Investors feared that the reduction in supply could cause a serious problem for european refineries that would now need to import their crude from other locations.
The rally pulled WTI along with with it, though WTI's gain was less than that of Brent.
Additional support on WTI's move came from a report stating that an Illinois refinery would be out of service for five to six months following a fire last week.
Speculators worry that the shutdown could lead to higher supplies in the U.S.
Eyes are now on the lookout for news following this week's two-day Fed meeting set to begin tomorrow and also Wednesday's EIA inventory report.
WTI gained $0.83, settling at $98.68/bbl and Brent rose $2.68 to end the session at $109.61/bbl. Bunker prices were firm 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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