World News
Traders Eye $100+ Crude Prices After Volatile Week
Crude prices ended a volatile week with another bumpy day of trading, but ultimately ended Friday with little change.
After hitting $62.49, WTI ended the day down just $0.04 at $61.66. Brent rose as high as $71.23 but then retreated to close up $0.23 at $70.62.
Analysts point to US trade tensions with China, rising US refining demand, and the latest sanctions on Iran as the key market drivers.
The OPEC-led oil output cut is also expected to be extended.
From here, a growing numbers of traders now believe prices will head higher, with Bloomberg noting that trades of option contracts with $90, $100 and $110 calls have accelerated over the last two weeks.
“Geopolitical risk offers good risk-reward to hedge or trade right now,” Thibaut Remoundos, founder of Commodities Trading Corp, was quoted as saying.
Bunker prices dipped slighting over the week, with the Global Average IFO380 Bunker Price Friday having fallen $7.50 week-on-week to $468.50/mt.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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