World News
Bunker Prices Stable as Oil Markets Retreat
Oil markets retreated today, ahead of news from the Fed's two-day meeting and tomorrow's report from the EIA.
Many investors are waiting to hear whether the central bank will begin reducing its current stimulus program after recent positive economic reports.
Additionally, analysts are predicting the EIA to report its third straight week of drops in crude supplies as refiners operate at higher rates to meet overseas demand and will draw on their storage tanks to reduce supplies for year-end tax purposes.
Across the pond, Brent prices dropped as well as investors locked in profits from yesterday's jump and sold off.
Eyes lie on news from the Fed's two-day meeting for signs on the tapering and the EIA report for a look at supply & demand in the states.
WTI fell $0.26 to end the session at $97.22/bbl while Brent's February contract dropped $0.97, settling at $108.44/bbl. Bunker prices remained stable 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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