2013 April 25   16:48

Bunker Review W.17, 2013

The Bunker Review was contributed to IAA PortNews by Marine Bunker Exchange

Possible upward trend for marine bunker prices on the signs of rising global oil demand

A series of disappointing economic headlines from the U.S. and China in recent months have renewed fears about the sluggish pace of oil demand growth, particularly with the approach of the summer driving season in the U.S. Meanwhile, this week fuel indexes have got the support from the data published by Energy Information Administration recently: gasoline inventories fell 3.93 million barrels to 217.8 million last week as fuel demand gained and refineries cut operating rates. It is expected gasoline demand to continue rising in the coming months and should trigger an increased need of crude oil from refiners as the summer driving season in the U.S. starts.

At the same time market participants still have grown concerned that China’s manufacturing is slowing. Earlier in the month a reading on first-quarter economic growth in China fell below expectations. The HSBC Purchasing Managers' Index dropped to 50.5 in April from 51.6 the month before as new export orders shrank in China, suggesting the country faces further economic slowdown.

 Worries over a sluggish world recovery persisted with the meeting of finance leaders of G20 economies in Washington on April 19. Global finance officials urged countries to take active steps to reinvigorate growth and create jobs as monetary policy alone was not enough to restore confidence in the shaky global economy.

Speculation that European Central Bank policy makers will cut the ECB’s key interest rate to a record low at their May 2 meeting has become another supportive factor to the oil prices this week. Some Banks forecast that the ECB will reduce borrowing costs to 0.5 percent. ECB President Mario Draghi said on April 19 he hasn’t seen any improvement in economic data in the region as a whole.

Prices are also being supported by the possibility that oil-producing countries could reduce output in order to boost prices. Two OPEC members: Iran and Venezuela have already raised concerns about the price fall and said discussions had taken place over whether to call an emergency OPEC meeting before the group's scheduled meeting at the end of May. OPEC kept oil output limits unchanged at a meeting in December and any output reduction could send prices rallying again.

Iranian nuclear program continues to underpin the oil markets as well. The U.N. nuclear negotiators will hold a new meeting with Iran on May 15, aimed at enabling its inspectors to resume a stalled investigation into suspected nuclear bomb research by the Islamic state.

 For the coming week marine bunker prices are expected to go slightly upwards.

Product

380 cSt HSFO

380 cSt LSFO

 

 

 

Rotterdam 2013-04-25

575

590

Rotterdam 2012-04-25

687

735

 

 

 

Gibraltar 2013-04-25

597

625

Gibraltar 2012-04-25

706

789

 

 

 

St Petersburg 2013-04-25

523

543

St Petersburg 2012-04-25

435

525

 

 

 

Panama Canal 2013-04-25

600

682

Panama Canal 2012-04-25

705

-

 

 

 

Busan 2013-04-25

636

790

Busan 2012-04-25

740

-

 

 

 

Fujairah 2013-04-25

608

733

Fujairah 2012-04-25

719

-

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. 24 

Light Crude Oil (WTI)

$91,43

Brent Crude Oil

$101,73

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