World News
Further Falls for Crude as Speculators Lock in Profits from Recent Gains
Crude markets continued their fall today as the Labor Department reported better-than-expected jobless claims, further hinting to stimulus tapering, and speculators locked in profits from recent gains.
Prices began moving down as the Labor Department reported that approximately 333,000 Americans filed for unemployment benefits last week, lower than analysts anticipated.
The positive economic data had many feeling that the central bank will begin curbing its stimulus efforts next month.
Speculators took advantage of recent gains and locked in the profits, leading to a sell-off which pressured prices further.
Oil followed gasoline down as well, as production remains high and demand slacks.
Brent's drop was limited this afternoon by reported tensions in the Middle East as Israel shut its Eilat airport near the Sinai peninsula as violence there is on the rise.
WTI fell $0.97 to settle at $103.40/bbl and Brent dropped $0.76, settling at $106.68/bbl. 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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