The Bunker Review is contributed by Marine Bunker Exchange
West Texas Intermediate (WTI) traded near the highest price since October on signs that strengthening demand is depleting inventories in the U.S., the world’s biggest oil consumer. The International Energy Agency raised estimates for global oil demand in 2014 amid an economic recovery in the U.S. The IEA forecast today in its monthly oil market report that world demand is expected to increase by 1.2 million barrels a day, or 1.3 percent, to 92.4 million a day next year, raising its projection from last month by 240,000 a day. The total use of fuel in the U.S rose above 20 million barrels a day in November for the first time since 2008, according to preliminary data. WTI advanced 5.3 percent last week, the most in five months, as U.S. crude inventories fell for the first time in 11 weeks and TransCanada Corp. announced plans to start part of its Keystone pipeline to the Gulf Coast from Cushing, Oklahoma, the delivery point for Nymex futures.
Brent Oil Futures fell below $109.50 a barrel on Thursday on several bearish signals including the possible re-opening of major Libyan ports this weekend. Libya’s Prime Minister Ali Zeidan said on Wednesday that it expected eastern tribes to reopen three oil ports over the weekend, including two of the country’s largest which have been shut since end July. The closure of most of the country’s oil facilities since July has been underpinning international oil prices for several months as calls for greater autonomy in the east were added onto worker strikes, which quickly developed into the worst disruption to Libya’s oil industry since the civil war in 2011.
The International Energy Agency (IEA), the West’s energy watchdog, said surging oil demand, especially in the United States, and faltering supplies mean oil prices face upside risks over the next few months.
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
Rotterdam 2013-12-12 |
585 |
627 |
Rotterdam 2012-12-12 |
575 |
610 |
|
|
|
Gibraltar 2013-12-12 |
595 |
653 |
Gibraltar 2012-12-12 |
589 |
630 |
|
|
|
St Petersburg 2013-12-12 |
400 |
460 |
St Petersburg 2012-12-12 |
500 |
560 |
|
|
|
Panama Canal 2013-12-12 |
601 |
672 |
Panama Canal 2012-12-12 |
633 |
775 |
|
|
|
Busan 2013-12-12 |
649 |
713 |
Busan 2012-12-12 |
638 |
795 |
|
|
|
Fujairah 2013-12-12 |
610 |
732 |
Fujairah 2012-12-12 |
596 |
- |
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 Dec. 11 |
Light Crude Oil (WTI) |
$97,44 |
Brent Crude Oil |
$109,70 |