World News
Crude Falls Back to Four-Month Low
Crude benchmarks pulled back today, hitting four-month lows after the dollar strengthened and global supplies are stable.
The European Central Bank President Mario Draghi said that borrowing rates will remain low for an extended period, causing the Euro to fall against the dollar and pushed commodities downward.
Later, the Commerce Department reported that preliminary readings show the U.S. GDP rose at an annualized rate of 2.8% in the third quarter. Analysts were only expecting a rise of 2%.
The positive news had investors feeling that stimulus efforts could be trimmed sooner than many were recently expecting.
Brent felt further pressure to fall further after reports stated that North Sea supplies could rice about 6.3% in December.
This news, mixed with expectations of Libya's crude to come back online lent pressure on markets. Bunker prices moved with crude and were softer 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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