Keeping an eye on bunkers. Your weekly bunker update powered by InterContinental Bunkering.
Brent crude futures fell 10 cents, or 0.2%, to $42.98 a barrel by 0417 GMT. U.S. WTI crude futures dropped 12 cents, or 0.3%, to $40.50 a barrel, holding to the narrow range of the past few weeks.
The American Petroleum Institute (API) reported crude stockpiles rising by 2.05 million barrels last week.
On the other hand, gasoline and distillate inventories fell more than expected. Furthermore, the US Energy Information Administration in its monthly report boosted its 2020 outlook for crude futures buoyed by demand recovery, whilst US oil production is expected to fall by
600,000 barrels per day (bpd) in 2020.
The market is mixed as optimism about China’s quick economic rebound is offset by persistent worries that the rising global coronavirus cases, together with the easing of OPEC+ cuts in August will stall a recovery in fuel demand.
According to Reuters Abu Dhabi National Oil Co. (ADNOC) is planning to increase crude exports by as much as 300,000 barrels a day in August. Meanwhile, Libya’s National Oil Corp. said that current tensions can potentially halve production levels for the coming years.
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Prices quoted in US$ per mT and are purely indicative and only to be used as guidance. Prices in cursive are of a previous date. Other ports are available upon request. For last price updates and/or updates on product availability & earliest delivery dates, do not hesitate to contact us as markets are volatile. www.icbunkering.com