World News
Narrowing of the WTI-Brent Spread Continues
The narrowing of the WTI-Brent spread regained traction today as investors anticipate the December 15th opening of 3 Libyan crude export terminals that have been closed for months due to civil unrest.
Disrupted crude exports from Libya have helped buoy Brent but the current 250,000 barrel per day output is expected to rise to 1.5 million barrels within 10 days of the terminals opening, increasing supply and deflating the benchmark.
In the U.S., positive retail figures propped up markets along with WTI but gains were limited on speculation that the Fed meeting next week will result in a slowdown of the economic stimulus.
Brent settled at $108.67, down $1.03 while WTI gained $0.06, ending the session at $97.50. 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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