World News
Crude Futures Sink on Prospect of Increased Middle East Output
Crude futures have dropped significantly on Thursday morning on the prospect of increased supply from the Middle East.
ICE Brent futures sank to an intraday low of $70.77/bl by 7:13 AM in London, down from $73.46/bl at the previous day's close, before recovering slightly to stand at $71.68/bl by 7:33 AM.
Libyan factions on Wednesday announced they had reached a 'compromise' on appointing new leadership for that country's central bank, a move that could lead to the resumption of recently halted oil production – and exacerbate concerns of middling consumption in various countries and a potential supply glut.
On top of that, Saudi Arabia is ready to abandon its unofficial price target of $100/bl and boost output, the Financial Times cited sources familiar with the situation as saying.
The lowest recent closing level for Brent futures was $69.19/bl on September 10, which was the lowest since June 2023.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 591.50 | 15.00 | 633.00 | 11.00 |
| Rotterdam | 525.00 | 11.00 | 628.50 | 9.00 |
| Houston | 505.50 | 15.50 | 638.50 | 12.00 |
| Fujairah | 577.50 | 13.00 | 768.50 | 17.00 |
| Global 20 Ports Average | 597.50 | 9.00 | 728.50 | 8.00 |
| Global 4 Ports Average | 550.50 | 13.00 | 666.50 | 13.00 |
| Global Average Bunker Price | 643.50 | 4.00 | 806.00 | 2.50 |
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