Keeping an eye on bunkers. Your weekly bunker update powered by InterContinental Bunkering.
Brent futures were up 19 cents, or 0.4%, at $43.09 a barrel at 3:43 am GMT, while WTI futures rose 17 cents, or 0.4%, to $40.46 a barrel.
According to Tuesday’s API report, US crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels.
Furthermore, an OPEC report published on July 14 raised its forecast for 2020 oil demand by 130, 000 b/d to 90.7 million b/d from its June forecast due to slightly better-than-expected oil demand from the OECD in the second quarter, and said demand in 2021 was expected to rise further to 97.7 million b/d.
All eyes are now pointed to the OPEC Joint Ministerial Monitoring Committee meeting set for later today, where it will be decided whether to extend the current 9.7 million b/d production cuts or ease to earlier agreed 7.7 million b/d cuts in August.
However, despite expectations that the cartel is set to ease its current output cuts beginning next month, prices are holding steady on news that there will be an additional 842,000 b/d of supply cuts in August and September from the errant members of Iraq, Nigeria and Kazakhstan, thus effectively halving the additional OPEC+ supply being restored.
Meanwhile, low oil prices attracted opportunistic buying in China, recording all-time high crude oil imports of 13 million b/d in June, 14.6% higher than the previous record in May. According to ANZ analysts, the situation is due to persist thanks to higher oil import quotas for independent refiners and plans for collective purchases of oil by refining giants.
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Loading…Prices quoted in US$ 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