17 June 2020 – Your weekly bunker update powered by InterContinental Bunkering
Brent crude futures were down 89 cents, or 2.2%, at $40.07 a barrel as of 0348 GMT, and U.S. WTI futures fell $1.13, or 2.9%, to $37.25 a barrel.
U.S. crude oil inventories rose by 3.9 million barrels in the week to June 12 to 543.2 million barrels, according to data from industry group the API, countering expectations for a fall of 152,000 barrels.
Again there is a predicted build in stock levels, not as much as predicted last week, but still, it’s another build.
In its monthly report, the IEA forecast oil demand at 91.7 million barrels a day (BPD) this year, up, 500,000 BPD from its May estimate. The agency said the rise was due to higher than expected consumption during coronavirus lockdowns and the upturn in China and the record imports last month.
Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia.
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Loading…Prices quoted in US$ 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