Bunker prices to remain soft this week, expert says
According to the latest review of Marine Bunker Exhange (MABUX) the U.S.A. is expected to take the lead as oil producer. West Texas Intermediate traded near five months low on signs of expanding supplies, while Brent advanced amid disruptions in Libya, widening the spread between the two crudes to the most since April $13.24 per barrel.
WTI futures were little changed in New York after the industry funded American Petrole-um Institute (API) said yesterday that crude supplies increased by 599,000 barrels last week. Brent advanced as much as 0.8 percent in London as protests in Libya disrupted the nation’s oil exports.
Oil prices may come under renewed upside pressure as refiners returning from seasonal maintenance eat into supply already curtailed by unrest in Libya and Iraq, the IEA said on Thursday in its monthly market report. The Paris-based adviser slightly increased es-timates for global oil demand in 2014 and for productions from outside the Organization of Petroleum Exporting Countries, resulting in a comfortable balance for early next year.
On Tuesday IEA came out with their long term report, which stated that the U.S. will take the lead as oil producer. The soaring production of Shale Oil and Gas, in the U.S. and elsewhere has completely changed the map of available resources in the future.
The U.S. will surpass Russia as the world’s top oil producer by 2015, and be close to en-ergy self-sufficiency in the next two decades, because of booming output from shale for-mations. The soaring shale output in the U.S. will help the world’s largest oil consumer to achieve its highest level of energy independence in two decades and protecting against disruptions of oil from Africa and the Middle East. The U.S. production has almost reached a level of 8 million barrels a day, the most since March 1989. The trend on increased oil output is expected to continue until 2020, but there after the output will plateau until 2030 when the U.S. will lose its top ranking, the report said. Crude prices will advance to $128 a barrel by 2035 with a 16 percent increase in consumption, supporting the development of so called tight oil in the U.S. and a tripling in output from Brazil, the IEA said in its annual World Energy Outlook. OPEC’s role will recover in the middle of the next decade as other nations struggle to repeat North America’s success with exploiting shale deposits, the Paris-based agency predicted.
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Product |
380 cSt HSFO |
380 cSt LSFO |
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|
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|
|
Rotterdam 2013-11-14 |
573 |
597 |
|
Rotterdam 2012-11-14 |
588 |
615 |
|
|
|
|
|
Gibraltar 2013-11-14 |
592 |
626 |
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Gibraltar 2012-11-14 |
607 |
658 |
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|
|
|
|
St Petersburg 2013-11-14 |
400 |
420 |
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St Petersburg 2012-11-14 |
485 |
565 |
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|
|
|
|
Panama Canal 2013-11-14 |
603 |
676 |
|
Panama Canal 2012-11-14 |
627 |
682 |
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|
|
|
|
Busan 2013-11-14 |
635 |
709 |
|
Busan 2012-11-14 |
659 |
814 |
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|
|
|
|
Fujairah 2013-11-14 |
615 |
730 |
|
Fujairah 2012-11-14 |
601 |
- |
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)
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Product |
Close Nov. 13 |
|
Light Crude Oil (WTI) |
$93,88 |
|
Brent Crude Oil |
$107,12 |