World News
Gains for WTI as OPEC Reports November Production at a 30-Month Low
WTI was supported today in anticipation of a draw on crude inventories for a second consecutive week.
API released figures late this afternoon signaling a 7.5 million barrel slip in supplies.
Investors now look to tomorrow EIA inventory report which is expected to follow suit.
Earlier in the day Libya's Petroleum Facilities Guard released news that the blockade of three oil ports in the Northeast African region had been lifted and will reopen in the coming days allowing more supply into the region.
This pressured Brent until OPEC reported that crude production in November was reduced to levels not seen since May of 2011.
At the end of the session Brent settled down $0.01, to $109.38/bbl while WTI gained $1.17 settling at $98.51/bbl. Bunker prices were 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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