World News
Oil Markets Continue to Tumble
Oil markets continued their tumble today as concerns about supply disruptions in the Middle East were eased.
The United States and its allies agreed to explore a Russian proposal calling for Syria to hand over its chemical weapons to international authorities, reducing fears about a potential military strike in the region that could spill over to surrounding nations.
The diplomatic solution made investors less nervous that military action would take place any time soon, allowing focus to shift elsewhere.
Some additional pressure on prices continued today as Libya continues to return to production and exportation as recent strikes in its export terminals prevented oil from entering the market.
Investors are also eyeing tomorrow's EIA Inventory report for a look into the U.S. supply & demand picture.
WTI fell $2.13 to settle at $107.39/bbl, while Brent dropped $2.47, settling at $111.25/bbl. Bunker prices were soft in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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