World News
Bunker Prices Spike as Crude Rises
Bunker prices spiked today in all major ports as a result of the increase in Crude and Brent.
Unexpected positive economic data from combined US and Chinese manufacturing indexes dominated the oil markets and speculators did not loose the opportunity to drive the futures' prices higher.
WTI settled $1.10/bbl higher and Brent gained $1.76/bbl today.
The OPEC meeting, at Vienna, on December 4th will be the next thing that the markets will be looking for in order to determine oil's direction.
A short term rally in the bunker prices should be expected for the next few days.
In the medium to longer term we should continue to see lower prices as global demand is still considered scarce and supply is expected to increase with Iran and Libya to contribute with additional barrels in the oil markets.
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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