World News
Brent-WTI Spread Narrows
The Brent-WTI spread narrowed today after benchmarks finished in opposite directions.
Oil on both sides of the Atlantic spent the morning in the red but bounced back up after it was reported that preliminary readings on China's Purchasing Managers Index showed the highest reading in 7 months.
Earlier in the session, prices were pressured on positive sentiment surrounding talks between Western countries and Iran that could lead to easing or removing sanctions in time.
The latest talks signaled positive signs about reaching an agreement on the country's nuclear program and the parties have agreed to meet again in two weeks time.
Additional pressure on the market earlier today remained from yesterday's inventory report which showed gains in crude stockpiles and signaled weak demand in the U.S.
By day's end, WTI gained $0.25 to settle at $97.11/bbl while Brent shed $0.81, ending the session at $106.99/bbl. Bunker prices were stable 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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