World News
WTI Falls Under $36/bbl
Crude futures took a blow today as U.S. inventories surged coupled with a rise in interest rates.
API data on Tuesday signaled there would be a draw of 2.5 million barrels but DOE data showed a rise of 4.8 million barrels.
The federal reserve finally imposed a interest rate hike after nearly 10 years of putting it on the back burner.
In essence this makes dollar denominated commodities less attractive for holders of other currencies.
The only positive outlook for Crude is that the U.S. Congress has agreed to lift a 40 year old export ban that could essentially stabilize inventories in the U.S. market.
In theory this strategy could capitalize on the stranglehold that OPEC has on global oil production.
Bunkers were very soft today 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 |
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