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2013 December 12   19:20

Bunker prices to continue on mixed trend, expert says

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

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