World News
Bunker Prices Soft as WTI Drops to Lowest Level Since May
Crude markets retracted Tuesday on positive news around Iran and ahead of this week's EIA inventory report as analysts expect that U.S. stockpiles grew last week.
Iran recently agreed to giving the International Atomic Energy Agency more access into their nuclear program.
Though the news is shy of what Western leaders wanted, it is a step in the right direction to more talks that could ease tensions and allow more Iranian crude to enter the global market.
In the states, investors are anticipating that inventories rose again last week as domestic production remains strong.
Many now await this week's report from the EIA which will be released Thursday instead of Wednesday, following Monday's Veteran's Day holiday.
WTI plummeted $2.10 today, ending the session at $93.04, the lowest level since May, while Brent dropped $0.59 by day's end to settle at $105.81. 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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