World News
Oil Markets Finish the Day Mixed
Oil markets finished mixed today after both spending the morning in the red.
WTI was being pressured as investors are speculating that Iran will try to improve relations with Western counties in an attempt to reduce sanctions currently in place.
President Obama also offered Tehran improved relations and told world leaders that an agreement on Iran's nuclear program could be achievable.
As fears of unrest in Syria continue to decrease and sanctions on Iran look like they could be eased at some point, many are reducing their concerns on any supply issues to come.
Markets did get a bit of a bounce later in the session, though, after analysts are expecting another draw on crude stockpiles in the United States.
Investors now look to tomorrow's EIA report due out at 10:30hrs for official numbers.
WTI fell $0.46 to settle at $103.13/bbl, while Brent rose $0.48 by day's end, settling at $108.64/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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