World News
Oil Markets Continue to Firm
Markets continued to firm today, as investors feared that a resolution to the situation in Syria could be a long way off.
The rise in both benchmarks came as many became skeptical that the disarming of Syria's chemical weapons might not be achievable.
The news brought previous concerns about supply disruptions back into play, as some feel if the diplomatic talks fail, we could end up with possible military intervention.
Though Syria is not a large producer of oil, its proximity to oil-producing nations has many fearing that any turmoil could spread and inhibit oil production and transport.
Additional support in Brent came as Libya declared force-majeure on three of its export terminals, reducing its supply to the markets.
Investors continue to monitor the diplomatic talks and situation in Syria for a guide on where oil markets will go.
WTI gained $1.04 to settle at $108.60/bbl and Brent rose $1.13 to settle at $112.63/bbl. Bunker prices were firm in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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