World News
Crude Futures Firm 3%
by Mohammed Marzuq, 
Wednesday December 23, 2015
Crude futures firmed today as EIA data showed a draw down of nearly 5.8 million barrels in U.S commercial crude stocks.
The fact of the matter is that at year end, refiners tend to ramp up production to lessen their tax burden on inventories.
Although crude prices firmed 3% heading into the holiday, we are still witnessing 7 year lows and it is more than likely that the market will sustain the low environment well into 2016.
Furthermore, the spread between WTI and Brent has dissipated as NYMEX light sweet crude is now trading at a premium to Ice Brent contracts.
Bunkers were firm today across the primary ports but in essence the prices are still very favorable to bunker consumers.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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