World News
Crude Prices Take Another Dive
Crude prices Monday took another beating, with WTI down $3.06, or 6.7%, ending the day at $42.53/bbl while Brent fell 6.2%, or $3.35, to $50.47.
The drops are the latest in a series of big steps down for crude, falling from October 3 Brent prices of $86.29/bbl, while WTI was at $76.24/bbl.
Analysts point to the recent share sell off and concern over the global economy as the key driver for the decline.
"What's happening in the stock market is raising fears that the economy is grinding to a halt and thereby will basically kill any future oil demand," Reuters quoted Price Futures Group's Phil Flynn as saying.
"They're pricing in a slowdown in the economy if not a recession with this drop."
Analysts at Argus Media say the market will remain over supplied in 1Q 2019, but expected price to rise once OPEC+ oil production cuts take effect.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 645.00 | 2.00 | 767.50 | 11.50 |
| Rotterdam | 600.00 | 8.00 | 751.50 | 13.00 |
| Houston | 627.50 | 9.00 | 796.00 | 11.50 |
| Fujairah | 649.50 | 0.00 | 889.00 | 0.50 |
| Global 20 Ports Average | 665.00 | 0.50 | 864.00 | 6.50 |
| Global 4 Ports Average | 630.50 | 5.00 | 801.00 | 9.00 |
| Global Average Bunker Price | 722.50 | 2.50 | 922.50 | 3.00 |
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