World News
Brent Crude Futures Drop Below $60/Bl for First Time in Four Years
Front-month Brent crude futures have dropped below $60/bl for the first time in more than four years as the ratcheting-up of tariffs prompted by the Trump Administration in the US threatens a global slowdown in energy consumption.
The ICE June Brent contract traded at $59.89/bl as of 11:20 AM in London on Wednesday, down from $62.82/bl at Tuesday's close.
Front-month Brent futures last traded below $60/bl in February 2021.
Oil and other commodity markets have dropped sharply over the past week in response to US President Donald Trump's announcement on April 2 of widespread tariffs affecting imports from almost every country in the world.
The latest selloff was prompted by the announcement late on Tuesday that the US would be proceeding with an extra 50% tariff on imports from China.
The rapid increase in tariff rates in the US - and in retaliatory rates potentially to be imposed by other countries - threatens a significant drop in demand for shipping and bunker fuel as global trade slows down.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 486.00 | 0.00 | 595.50 | 0.50 |
| Rotterdam | 442.00 | 0.50 | 599.50 | 1.50 |
| Houston | 463.00 | 7.00 | 611.00 | 4.50 |
| Fujairah | 483.00 | 2.50 | 714.00 | 3.50 |
| Global 20 Ports Average | 521.00 | 3.00 | 700.00 | 2.00 |
| Global 4 Ports Average | 468.50 | 2.50 | 630.00 | 1.50 |
| Global Average Bunker Price | 564.00 | 3.00 | 747.50 | 5.50 |
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