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 |