World News
WTI Falls to Lowest Settlement Since May
Optimistic comments from Federal Reserve Bank of New York President Dudley on the U.S. economy put pressure on crude markets today, pushing WTI to it's lowest settlement since May.
William Dudley told an audience at Queens College today that he was growing more hopeful about the U.S. economy's progress, spooking investors into believing that the Fed may cut back its stimulus efforts sooner rather than later.
The program in place has helped support commodity prices by making them cheaper for buyers in other currencies.
Speculators are also eyeing any developments regarding Iran's nuclear program.
Iran and Western countries are expected to resume talks this week, which some feel could lead to lowering sanctions agains the country and could eventually allow Iranian crude to enter the global marketplace.
WTI fell $0.81 to settle at $93.03/bbl, while Brent only dropped $0.03 to end the session at $108.47/bbl. Bunker prices were stable in
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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