The Bunker Review is contributed to IAA PortNews by Marine Bunker Exchange
Brent Crude oil slipped on Thursday at 16:00 CET $3 to $103 per barrel and WTI slipped around $2.5 to reach $95.60a barrel as slowing Chinese manufacturing activity unnerved investors already worried about the U.S. Federal Reserve’s plan to roll back its stimulus later this year. Commodities and equities fell across the board after data China showed factory activity weakening to a nine month low in June, heightening the risks that a second quarter slowdown in the world’s No.2 economy could be sharper than expected.
A surprise build in crude inventories in the world’s top oil consumer, the United States, despite the summer driving season being underway also dragged on oil prices downward. Crude stockpiles increased by over 300,000 barrels in the week to June 14, compared with a Reuter poll that forecast a 500,000 barrel decrease. But oil prices are not expected to fall much lower from current levels due to concerns about a disruption in supplies from the Middle East.
Investors have been worried about an escalation in violence in Syria after the U.S. said it plans to send weapons to Syrian rebels following proof the Syrian government had used chemical weapons against opposition forces. Syria is by no means a key to the oil market, but market participants fear that the civil war may escalate into a regional violence engulfing neighbouring countries.
Brent may find support at $100 a barrel, while the U.S. WTI may find support around $94 a barrel.
For the coming week oil prices are expected to drop.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-06-20 |
583 |
622 |
|
Rotterdam 2012-06-20 |
562 |
595 |
|
|
|
|
|
Gibraltar 2013-06-20 |
613 |
672 |
|
Gibraltar 2012-06-20 |
594 |
641 |
|
|
|
|
|
St Petersburg 2013-06-20 |
557 |
571 |
|
St Petersburg 2012-06-20 |
390 |
430 |
|
|
|
|
|
Panama Canal 2013-06-20 |
608 |
682 |
|
Panama Canal 2012-06-20 |
585 |
- |
|
|
|
|
|
Busan 2013-06-20 |
616 |
731 |
|
Busan 2012-06-20 |
610 |
- |
|
|
|
|
|
Fujairah 2013-06-20 |
616 |
741 |
|
Fujairah 2012-06-20 |
590 |
- |
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 June19 |
|
Light Crude Oil (WTI) |
$98.24 |
|
Brent Crude Oil |
$106.12 |