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  3. Bunker Review Week 15th, 2013

2013 April 11   16:02

Bunker Review Week 15th, 2013

The Bunker Review is contributed by Marine Bunker Exchange

Marine bunker prices will go irregular in absence of significant driver-factors on oil market.

A disappointing reading on March U.S. payrolls in the end of last week presented further concerns about the potential for the already slim growth expected in U.S. oil demand this year. Data also show refiners boosted crude oil processing to its highest March level in six years erasing earlier worries about potential tight supplies and sending prices lower.

Fuel indexes have been under pressure from further increase in U.S. inventories after Exxon Mobil Corp. shut the Pegasus pipeline, which moves oil from Illinois to Gulf Coast refineries. EIA report shows that supplies rose 250,000 barrels to 388.9 million last week and crude stockpiles reached the highest level since July 1990. Exxon hasn’t said when it will restart the line.

This week economic data from China have rendered support to the oil prices. China's inflation in March was slower than expected, giving its central bank the chance to keep monetary policy easy and supportive to oil demand, and suggesting that the recovery in the world's second oil consumer was strengthening. Traders will continue to look for signals out of China to see if the growth continues.

Geopolitical concerns also kept oil prices supported. A crisis on the Korean Peninsula has become one of the most serious since the Korean War ended in 1953. Tension has been rising since the United Nations imposed new sanctions against North Korea in response to its third test of a nuclear weapon in February. In reply to joint military exercises by South Korean and U.S. forces North Korea threatened both countries with nuclear attack. Although it could be some sort of provocative action, traders still consider the tension on the Korean Peninsula as the factor for potential oil supply disruption.

Iran and a group consisting of the U.S., Britain, France, China, Russia and Germany failed to reach a deal on the Islamic nation’s nuclear work during negotiations in Almaty, Kazakhstan that ended on April 6. Both sides didn’t announce plans for new talks on Iran’s nuclear program. It may mean more pressure for additional sanctions on the Persian Gulf nation. Early last year, tensions with Iran contributed to higher oil prices and a European Union embargo that started in July has curbed the country’s ability to export crude.

Absence of the significant driver-factors on the global oil market will keep marine bunker prices irregular on the coming week.

Product

380 cSt HSFO

380 cSt LSFO

 

 

 

Rotterdam 2013-04-11

594

604

Rotterdam 2012-04-11

682

747

 

 

 

Gibraltar 2013-04-11

612

642

Gibraltar 2012-04-11

715

790

 

 

 

St Petersburg 2013-04-11

538

554

St Petersburg 2012-04-11

460

550

 

 

 

Panama Canal 2013-04-11

617

699

Panama Canal 2012-04-11

720

-

 

 

 

Busan 2013-04-11

650

806

Busan 2012-04-11

745

-

 

 

 

Fujairah 2013-04-11

625

750

Fujairah 2012-04-11

725

-

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 Apr. 10 

Light Crude Oil (WTI)

$94.64

Brent Crude Oil

$105.79

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