The US administration has now on Thursday been shutdown a third (3) day. President Barack Obama met with Republican and Democratic leaders in Congress on Wednesday to try to break a budget deadlock that has shut wide swaths of the federal government, but after more than an hour of talks there was no breakthrough. The shutdown is pressing the oil prices downwards and does yesterday’s unexpected surge in US crude stockpiles. – The upside potential for oil is quite limited and the US government shutdown is very negative for the oil market and if it lasts for some time it will hurt the global economy. The overall demand is weak, the market specialist Marine Bunker Exchange said.
WTI crude surged overnight on Thursday followed by news that TransCanada Corp’s Keystone XL Gulf Coast pipeline would start up by the end of the year. The pipeline will ship crude from the Cush-ing, Oklahoma, delivery point of the US oil futures to Nederland, Texas.
The Oil Futures will remain weak for some weeks to come, with Brent trading in the range of $100 to $110 a barrel. Oil is unlikely to slide below $100 a barrel since the 100 mark is by many exporters a preferred level especially those in the Middle East, to support their budgets. Oil at that level will also support production of shale oil in the US, which is now making a big impact for the United States reducing dependence on imports.
We are in the middle of the hurricane season but no sign of any. A low pressure system is growing stronger in the Caribbean Sea as it moves northeast and may become a tropical depression, according to the National Hurricane Center in Miami. Bad weather in the Gulf of Mexico can affect oil and natural gas operations for both Mexico and the U.S. The region is home to 23 percent of US crude production, 5.6 percent of gas output and more than 45 percent of petroleum refining capacity, according to the Energy Department.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-10-03 |
597 |
608 |
|
Rotterdam 2012-10-03 |
624 |
676 |
|
|
|
|
|
Gibraltar 2013-10-03 |
619 |
647 |
|
Gibraltar 2012-10-03 |
658 |
720 |
|
|
|
|
|
St Petersburg 2013-10-03 |
390 |
420 |
|
St Petersburg 2012-10-03 |
445 |
515 |
|
|
|
|
|
Panama Canal 2013-10-03 |
613 |
682 |
|
Panama Canal 2012-10-03 |
665 |
848 |
|
|
|
|
|
Busan 2013-10-03 |
634 |
726 |
|
Busan 2012-10-03 |
688 |
865 |
|
|
|
|
|
Fujairah 2013-10-03 |
613 |
730 |
|
Fujairah 2012-10-03 |
641
|
- |
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 Oct. 02 |
|
Light Crude Oil (WTI) |
$104,10 |
|
Brent Crude Oil |
$109,19 |