World News
Crude Markets start the Week with a Slight Drop
Crude markets started the week with a slight drop on both sides of the Atlantic as orders for U.S. Durable goods dropped 7.3% in July and Libya resumed exports from one of its previously closed ports.
In the states, the Commerce Department reported today that the number of orders for durable goods in July fell 7.3%, compared to the forecasted fall of only 4%.
The report was bad news for oil, as it put a dimmer view on crude demand to come.
Across the Atlantic, Brent was pressured as Libya resumed exports from its Marsa al Brega port, finally allowing more of its supplies to enter the market after the recent protests caused port closures.
Today's price drops were limited, however, from rising tensions in Syria, which some feel could spread over to surrounding producer countries.
Investor focus now lies on Wednesday's EIA inventory report for a look into the supply & demand picture in the United States.
WTI fell $0.50 to settle at $105.92/bbl, while Brent dropped $0.31 to settle at $110.73/bbl. 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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