World News
Crude Benchmarks Up 5%
by Tim Bonett, 
Monday March 7, 2016
Crude has broken out of the gate charging to start off the week.
Both benchmarks settled up over 5% on the trading day.
Most of the bolstering was due to market sentiment however, as strategic investors have taken bullish bets on oil for the long term while OPEC is floating a price target of $50/bbl.
Fundamentals remain feeble as the market continues to be oversupplied but today's weak dollar only supported the rally in prices.
Bunker prices were quite firm in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 510.00 | 2.50 | 611.00 | 4.00 |
| Rotterdam | 477.00 | 1.00 | 618.50 | 4.00 |
| Houston | 469.50 | 0.50 | 610.00 | 2.00 |
| Fujairah | 501.50 | 1.50 | 708.50 | 3.50 |
| Global 20 Ports Average | 532.00 | 2.00 | 711.50 | 0.00 |
| Global 4 Ports Average | 489.50 | 0.50 | 637.00 | 0.50 |
| Global Average Bunker Price | 571.00 | 1.00 | 759.00 | 0.50 |
Popular Now More
-
Jun 05Marex's Bastien Declercq discusses how biofuel markets are likely to react to the IMO's new GHG regulation. -
Jun 04The MPA has not directly given a reason for declining to renew the licence. -
Jun 02The new joint venture will initially focus on biofuel supply in northern Europe, BlackCoral Energy Managing Partner Jesper Christensen tells Ship & Bunker.