World News
Bunker Prices Soft as Brent-WTI Spread Continues to Narrow
The Brent-WTI spread continued to narrow today as Brent tumbled on news coming out of Germany, the world's eighth largest oil-consuming country.
The Economy Ministry in Berlin reported German industrial output unexpectedly decreased for the second consecutive month by 1.2 percent in October while analysts had projected an increase of 0.7 percent.
In addition to this news, daily exports of North Sea crude for loading in January are expected to increase further pressuring Brent.
On the other side of the Atlantic TransCanada Corp began injecting oil into the southern portion of the Keystone pipeline over the weekend.
TransCanada expects to be delivering oil via the pipeline some time next month continuing to bridge the gap between WTI and Brent.
WTI ended the day down slightly by $0.04, to $97.34 while Brent fell $1.64 to $109.39. 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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