World News
Avoid the Spot Bunker Market on US Election Results Day: NSI
Buyers should avoid fixing bunker stems on Wednesday, according to brokerage NSI, as US election results are likely to cause volatility in crude prices.
Voters go to the polls in the US on Tuesday to choose the next president, with results expected to start being announced in the early hours of Wednesday morning in European time.
"I suggest if you are hedging on this day, or going out into the market for physical, we will see wide swings as early results come in," Paul Hardy, head of business development at NSI, said in a note to clients Monday.
"My advice: make your judgement based on the available current data, and avoid fixing on election day unless you like a gamble."
The re-election of Donald Trump would be likely to spur a rebound in crude prices, Hardy said, while Joe Biden winning could trigger concerns over additional lockdowns in the US and subsequent demand erosion.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
Popular Now More
-
Nov 26The new hire previously worked as a bunker trader for IBT Bunkering & Trading in Hamburg. -
Nov 26The company has hired Mike Parrent, formerly marketing manager for Bomin before its acquisition by Minerva Bunkering earlier this year, as its new physical desk manager in Houston. -
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer.