For next week expect oil prices to edge upward - forecast
For next week expect oil prices to edge upward. This forecast is provided to Portnews by Marine Bunker Exchange.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-01-10 |
615 |
647 |
|
Rotterdam 2012-01-10 |
672 |
695 |
|
|
|
|
|
Gibraltar 2013-01-10 |
637 |
692 |
|
Gibraltar 2012-01-10 |
681 |
740 |
|
|
|
|
|
St Petersburg 2013-01-10 |
500 |
560 |
|
St Petersburg 2012-01-10 |
445 |
505 |
|
|
|
|
|
Panama Canal 2013-01-10 |
653 |
778 |
|
Panama Canal 2012-01-10 |
695 |
- |
|
|
|
|
|
Busan 2013-01-10 |
653 |
832 |
|
Busan 2012-01-10 |
735 |
- |
|
|
|
|
|
Fujairah 2013-01-10 |
625 |
735 |
|
Fujairah 2012-01-10 |
713 |
- |
All prices stated in USD / Mton
All time high Brent = $147.50 (July 11, 2008)
All time high Light crude (WTI) = $147.27 (July 11, 2008)
|
Product |
Close Jan.09 |
|
Light Crude Oil (WTI) |
$93.10 |
|
Brent Crude Oil |
$111.76 |
Brent crude oil futures rose more than $1 to a three months high on Thursday, after China’s customs agency reported overseas sales jumped 14 percent in December from a year earlier. News of a sharp cut in Saudi production also influenced the oil price, plus an explosion in Yemen that halted most of the country’s oil exports.
Saudi Arabia cut its crude oil production by around 700 000 barrels a day over the last two months of last year, with December output at around 9.0 barrels per day. The Centre for Global Energy Studies have said the kingdom needs to trim output to prevent markets from being oversupplied.
A rebound in China ‘s trade may give policy makers more time to shift the economy toward domestic consumption to sustain expansion. Growth decreased to an estimated 13-year low in 2012 as Europe’s debt crisis crimped demand for Chinese goods.
Flows of oil through Yemen’s main crude export pipeline stopped on Thursday after it was blown up by unknown attackers, government and oil industry officials said.
The above three factors, Saudi, Yemen and China data are all helping to push up the market.