World News
Crude Falls as U.S. Production Hits its Highest Since March 1989
Crude benchmarks on both sides of the Atlantic fell today after the EIA released their weekly report, showing signs of rising supplies and lackluster demand.
Today's report showed that the nation's stockpiles rose by 5.25 million barrels last week, with Cushing showing a 358,000 barrel rise.
Domestic production also increased, hitting its highest since March 1989.
Refiners have cut their operations and thus demand for crude recently, after the driving season ended and many units idle for maintenance.
Brent felt some pressure today after Iraq reiterated plans to boost output and exports by the end of this year, allowing more crude to flow into the marketplace.
WTI fell $1.44, ending the session at $96.86/bbl, while Brent dropped $2.17 by day's end, settling at $107.80. Bunker prices were soft 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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