World News
Crude Markets Make Morning Gains, But End the Day Down
Crude markets settled down by day's end after spending the morning higher on news that Iranian President Hassan Rouhani declined to meet with President Obama during the meetings at the United Nations.
The news had investors spooked that perhaps the tensions between Iran and the West won't be eased as soon as many were hoping.
Prices reversed trend and came back down after today's inventory report from the Energy Information Administrations surprised many by showing that crude stockpiles rose by 2.64 million barrels last week.
Many analysts were expecting a drop of almost 1 million barrels.
Demand for crude in the U.S. is cooling now that the summer driving season is behind us and refiners are set to begin maintenance.
WTI fell $0.47 to settle at $102.66/bbl, as did Brent $0.48 settling at $108.32/bbl. Bunkers prices were stable 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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