World News
WTI and Brent Make Gains on Wednesday
Oil on both sides of the Atlantic saw gains today, as investors became skeptical of the recent drops in prices.
President Obama agreed to pursue a diplomatic solution to the situation in Syria, reducing concerns that a military strike would take place soon.
The plan comes from Russia's proposal that Syria hand over its chemical weapons to international authorities.
Some still feel that a future military strike, though unlikely, is possible and spooked some investors that supply disruptions could follow.
Some pressure on prices today came as the EIA reported a smaller-than-expected draw on crude stockpiles, though the report was not enough to keep prices in the red.
The pressure came as demand in the U.S. is starting to ease as we leave summer driving season behind.
WTI rose $0.17 to settle at $107.56/bbl today while Brent moved up $0.25, settling at $111.50/bbl. Bunker prices were stable in the primary ports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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