World News
Oil Pares Gains on Report of G7 Joint Oil Reserve Release Talks
Crude futures pared their gains after a record jump on Monday morning following news that the G7 countries may coordinate a release of petroleum reserves in response to the Middle East supply shock.
ICE May Brent futures traded at $108.62/bl as of 5:56 AM in London on Monday, down from as much as $118.91/bl earlier in the day. But the price remains significantly above the $101.73/bl level seen at the open and $92.69/bl seen at Friday's close.
G7 finance ministers will hold an emergency meeting on Monday to discuss a possible joint release of petroleum reserves, coordinated by the International Energy Agency, the Financial Times reported on Monday, citing two sources familiar with the situation.
One of the sources suggested a joint release of 300-400 million barrels might be appropriate, according to the report.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 822.50 | 127.00 | 1383.00 | 226.00 |
| Rotterdam | 631.50 | 16.00 | 1053.50 | 27.50 |
| Houston | 668.00 | 67.50 | 1138.50 | 122.00 |
| Fujairah | 742.50 | 51.00 | 1202.00 | 41.50 |
| Global 20 Ports Average | 735.00 | 53.50 | 1153.50 | 45.50 |
| Global 4 Ports Average | 716.00 | 65.50 | 1194.50 | 104.50 |
| Global Average Bunker Price | 740.00 | 49.50 | 1134.50 | 60.00 |
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Mar 09Sources tell Ship & Bunker that barge loadings have been suspended following the Sunday incident. -
Mar 09G7 finance ministers will reportedly hold an emergency meeting on Monday to discuss a possible joint release of petroleum reserves. -
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