Brent crude and WTI crude futures rose $109 and respective $107 a barrel on Thursday as economic data from the US and China brightened the outlook for demand in the world’s two largest oil consumers, the market specialist Marine Bunker Exchange said in a bunker review.
Chinese policymakers attempt to rebalance the economy away from investment and export driven growth towards consumption driven growth. This policy could affect growth adversely in the short run. China’s Purchasing Managers’ Index increased to 50.3 last month, exceeding the 49.8 median forecast in a Bloomberg survey. Everything above 50 points indicates expansion. China Federation of Logistics and Purchasing, suggested that a slowdown in the world’s second biggest economy may be stabilizing as the government takes steps to support growth.
In the US data showed that the private sector kept adding jobs in July at the same rate as the month before, which increased optimism over the outlook for the US economy. The Federal Reserve has indicated they are not rushing to shrink their stimulus programme, which is giving positive sentiment to the market. The US central bank said on Wednesday that the economy continued to recover but was still in need of support. Gains in oil prices were also capped after a US Energy Information Administration report showed crude stockpiles had unexpectedly risen.
The geopolitical situation in the Middle East and North Africa has caused problems for OPEC’s total production and pumped less crude for a second month in July. The unrest in Libya has closed all ports but one Port of Zawiya, capable of handling 300,000 barrels a day, is operating, while the largest port, Es Sider, and others including RasLanuf, MarsaBrega and Hrega are all shut. The closer will reduce exports by about 1.1 million barrels a day as from Wednesday.
Irregular prices changes in bunker market will continue next week.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-08-01 |
604 |
612 |
|
Rotterdam 2012-08-01 |
605 |
651 |
|
|
|
|
|
Gibraltar 2013-08-01 |
617 |
639 |
|
Gibraltar 2012-08-01 |
623 |
687 |
|
|
|
|
|
St Petersburg 2013-08-01 |
565 |
580 |
|
St Petersburg 2012-08-01 |
350 |
465 |
|
|
|
|
|
Panama Canal 2013-08-01 |
606 |
678 |
|
Panama Canal 2012-08-01 |
630 |
- |
|
|
|
|
|
Busan 2013-08-01 |
620 |
725 |
|
Busan 2012-08-01 |
620 |
- |
|
|
|
|
|
Fujairah 2013-08-01 |
592 |
705 |
|
Fujairah 2012-08-01 |
628 |
- |
All prices stated in USD / MT. All time high Brent = $147.50 (July 11, 2008). All time high Light crude (WTI) = $147.27 (July 11, 2008).
|
Product |
Close Jul.31 |
|
Light Crude Oil (WTI) |
$105,03 |
|
Brent Crude Oil |
$107,70 |