World News
WTI Hits 18-month High as Crude Prices Make a Big Jump Up
Crude markets screamed up today as investors feared that the possibility of armed confrontations in Syria could disrupt supply movements in the region.
Both Brent and WTI hit multi-month highs today after reports stated that Syrian forces used chemical weapons against rebels.
Though Syria is not a large oil-producing nation, it lies in close proximity to major routes of oil movement.
Iran warned that a U.S. attack on Syria could bring the whole region into conflict, which could inhibit the movement of crude and products through trade routes.
While geopolitical tension remains high in the Middle East, speculators will also look at tomorrow's EIA inventory report for a supply and demand picture in the states in order to get some guidance as we near the end of the summer driving season.
WTI jumped up $3.09 to settle at an 18-month high of $109.01/bbl and Brent gained $3.55, reaching a 6-month high and settling at $114.28/bbl. Bunker prices were firm 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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