World News
Wednesday Bunker Prices Soft as Oil Markets Fall Further
Ongoing concerns about the Fed's potential curbing of its bond-buying efforts continued to worry investors and put pressure on markets today.
Oil markets were hurt by a weak day in U.S. equities as Fed officials this week have been expressing thoughts that the $85 billion per month stimulus efforts could begin tapering next month.
Crude follows equity markets, as they are often used to gauge market sentiment.
Further pressure came as the EIA released their weekly inventory report, showing a draw of 1.3 million barrels on crude stocks, smaller than the 3.66 million barrel draw reported yesterday by the API.
Brent continued to get pressure today from easing tensions in Libya and maintenance in the North Sea staying on schedule.
WTI fell $0.93 to settle at $104.73/bbl, and Brent dropped $0.74 settling at $107.44/bbl. Bunker prices were soft 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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