Bunker market expert predicts mixed price movements
The Bunker Review is contributed by Marine Bunker Exchange
West Texas Intermediate dropped from its highest closing level in almost four months. The Market felt that the advance was excessive. Futures fell as much as 1 pct in New York as a technical indicator approached a level signaling further gains can’t be sustained. Prices increased six times in the past seven days amid freezing temperatures in the US.
Oil inventories in advanced economies tumbled in the fourth quarter by the most since 1999 because of surprising robust demand in the US and other developed nations, the International Energy Agency (IEA) said on Thursday. The IEA said oil inventories in the developed world plummeted by 1.5 million barrels per day in the last three months of 2013, the steepest quarterly decline since 1999. The IEA, which advises most of the largest energy consuming countries on energy policy, becomes the third major forecaster this week to predict higher oil use as economic growth picks in Europe and the US. Far from drowning in oil, markets have had to dig deeply into inventories to meet unexpectedly strong demand. The IEA raised its forecast for global oil demand growth this year by 50.000 bpd to 1.3 million bpd based on boosted demand in North America and Europe after several years of declining consumption.
Growing oil production in North America had led some to predict international crude prices would fall in 2014, after averaging around $110 a barrel in each of the past three years.
We expect irregular price movements in the coming week.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2014-02-13 |
573 |
624 |
|
Rotterdam 2013-02-13 |
643 |
684 |
|
|
|
|
|
Gibraltar 2014-02-13 |
602 |
669 |
|
Gibraltar 2013-02-13 |
660 |
731 |
|
|
|
|
|
St Petersburg 2014-02-13 |
360 |
440 |
|
St Petersburg 2013-02-13 |
545 |
605 |
|
|
|
|
|
Panama Canal 2014-02-13 |
612 |
718 |
|
Panama Canal 2013-02-13 |
662 |
762 |
|
|
|
|
|
Busan 2014-02-13 |
646 |
710 |
|
Busan 2013-02-13 |
682 |
851 |
|
|
|
|
|
Fujairah 2014-02-13 |
607 |
- |
|
Fujairah 2013-02-13 |
660 |
765 |
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 Feb.12 |
|
Light Crude Oil (WTI) |
$100,37 |
|
Brent Crude Oil |
$108,79 |