World News
U.S. Crude Production Continues to Gain Pace
by Tim Bonett, 
Thursday December 19, 2013
Crude benchmarks jumped on the heels of yesterday's announcement from the Federal Reserve that the trimming of its monthly bond purchases would begin.
The Fed's decision signaled the economy is gaining strength and as a result, investors expect oil to be in higher demand.
Enhancing this sentiment was the API report that last month's fuel consumption surged to 19.4 million barrels a day, its highest November level since 2007.
The report also indicated U.S. crude production continues to ramp up the pace, producing over 8 million barrels a day for the first time in 25 years.
WTI ended the day up $0.97, settling at $98.77/BBL while Brent gained $0.66, settling at $110.29. Bunker prices were stable 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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