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2014 January 30   19:00

Bunker prices to remain firm next week, expert says

The Bunker Review is contributed to IAA PortNews by the market expert Marine Bunker Exchange

West Texas Intermediate rose to its highest level in four weeks as cold weather in the US boosted demand for heating oil and inventories shrank by 4.6 million barrels last week, according to the EIA (Energy Information Administration). Above figures are in comparison with Bloomberg’s estimation of 2.6 million barrels. Demand for distillates, which include heating oil, surged to the highest level in almost six years amid colder weather in the US.

WTI slipped Wednesday as the Federal Reserve said it would continue stimulus cuts. The Federal Open Market Committee said it will cut monthly bond purchases by $10 billion to $65 billion. The labor market’s indicators show further improvement for demand of labor due to economic growth.

A Chinese Purchasing Managers’ Index fell to 49.5 from 50.5 in December, HSBC Holdings Plc and Market Economics said in a statement on Thursday. The reading compared with the median 49.6 estimate in a Bloomberg News survey of 14 economists. A number below 50 indicates contraction.

Iraq is returning to an energy market which is radically different than the one it was forced to leave years ago, and its OPEC partners now also have a different view on Iraq’s participation. After decades of wars and sanctions, Iraq has firmly re-established itself among the world’s top oil producers. Sound investments in the energy sector have boosted Iraq’s oil production to well over 3 million barrels per day as of end of 2013. Iraq has the potential to increase its production to 9 million barrels per day by 2020, which is close to what Saudi Arabia or Russia are currently producing.

We expect oil prices to be stable for the coming week.

Product

380 cSt HSFO

380 cSt LSFO

 

 

 

Rotterdam 2014-01-30

575

610

Rotterdam 2013-01-30

618

649

 

 

 

Gibraltar 2014-01-30

610

663

Gibraltar 2013-01-30

635

695

 

 

 

St Petersburg 2014-01-30

390

420

St Petersburg 2013-01-30

525

585

 

 

 

Panama Canal 2014-01-30

602

695

Panama Canal 2013-01-30

648

745

 

 


 


Busan 2014-01-30

650

715

Busan 2013-01-30

664

834

 

 

 

Fujairah 2014-01-30

616

-

Fujairah 2013-01-30

633

740

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 Jan. 29

Light Crude Oil (WTI)

$97,36

Brent Crude Oil

$107,85

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