World News
Brent Crude Prices Hit 11-Year Low
Brent crude prices Monday fell as low as $36.05 per barrel, marking the lowest price for the benchmark blend since July 2004, the BBC reports.
The news service noted that prices had subsequently recovered slightly from that low, but still closed down at $36.35.
It was noted that this is down from $115 per barrel in June 2014.
At the same time, the price for U.S. crude was also down, hitting $34.17 per barrel, the lowest level since 2009.
Analysts and leaders of major oil firms have said there is little sign of the downward trend in crude prices being broken, reported the BBC, with the expected resumption of oil exports from Iran said to be weighing on prices in particular.
Goldman Sachs, meanwhile, is sticking to its view of a $20 per barrel bottom for oil, a level below which some analysts have noted key Organization of Petroleum Exporting Countries (OPEC) member Saudi Arabia will no longer be able to make money.
As previously reported, Ship & Bunker data suggest that if oil prices do fall that far, IFO380 in the primary ports could easily be expected to fall under $100 per metric tonne (pmt).
On Monday, Ship & Bunker reported that OPEC has lowered its outlook for oil prices out to 2040.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
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