World News
WTI-Brent Spread Expands to its Widest Since April
The WTI-Brent spread expanded to its widest since April today, after oil benchmarks finished mixed by day's end.
WTI fell to its lowest level since the end of June, as analysts were predicting that stockpiles gained again last week, signalling weaker demand in the States.
Later in the afternoon, the API released their report, showing that crude stockpiles grew by approximately 3 million barrels in the week ended October 18th, with Cushing inventories gaining about 420,000 barrels.
Investors' attention now lies on tomorrow's closer watched EIA inventory report, due out at 10:30am for some more guidance on the supply & demand picture in the U.S.
Across the Atlantic, Brent stayed positive after a labor dispute at Scottish refinery threatened the flow of crude out of the North Sea.
WTI for November delivery expired $1.42 lower at $97.80/bbl, while the Brent December contract gained $0.33 and settled at $109.97/bbl. Bunker prices remained stable today 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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