World News
IEA Outlook Sends Crude Prices South
by Tim Bonett, 
Tuesday September 13, 2016
A gloomy outlook for 2017 sent crude benchmarks tumbling today as the International Energy Agency reversed their stance on oil for the upcoming year from last month.
The agency focused on the slowdown in global oil demand while pointing a finger at major oil producing countries for continuing to flood the market well into the first half of the new year.
The stronger dollar delivered a further blow to freefalling prices which didn't even stop to contemplate positive industrial numbers out of China.
Bunker markets were softer in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 511.00 | 11.50 | 602.50 | 10.00 |
| Rotterdam | 479.00 | 1.00 | 618.50 | 1.50 |
| Houston | 464.50 | 4.00 | 615.50 | 5.00 |
| Fujairah | 506.00 | 2.50 | 703.50 | 7.50 |
| Global 20 Ports Average | 532.00 | 4.50 | 708.50 | 4.00 |
| Global 4 Ports Average | 490.00 | 4.50 | 635.00 | 6.00 |
| Global Average Bunker Price | 570.00 | 1.00 | 752.50 | 6.00 |
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