World News
Bunker Prices Soft as Oil Starts the Week Lower
Oil markets started the week with drops on both sides of the Atlantic on easing concerns regarding supply disruptions in the Middle East as reports said that many U.S. Lawmakers opposed President Obama's call for a military strike.
Congress has yet to be convinced by the President for the need to intervene in Syria with military strikes, which has reduced the expectations that violence in the area will overflow to surrounding oil-producting nations.
The delays in agreement on action in Syria has caused markets to come back from their recent gains and allowed fundamentals to guide the markets a little more.
A member of the Libyan parliament's energy committee stated that output was restored at all oil fields and all export terminals should be open by the middle of next week.
The return of Libyan supply to the market helped weigh further on today's move.
WTI fell $1.01 to settle at $109.52/bbl today, while Brent plummeted $2.40 to settle at $113.72/bbl. By day's end, bunker prices were soft 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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