29 April 2020 – Your weekly bunker update from InterContinental Bunkering.
Brent crude futures rose 3.1%, or 64 cents, to $21.10 a barrel, adding to a 2.3% gain yesterday. U.S. WTI crude futures were up 12.6%, or $1.56, at $13.91 at 0643 GMT, causing a 27% plunge over the first two days of this week.
U.S. crude inventories rose by 10 million barrels to 510 million barrels in the week to April 24, data from industry group the API showed last night, compared with analysts’ expectations for a build of 10.6 million barrels. So not as bad as previously thought and lower than previous weeks which has definitely given the market some upward impetus this morning.
Nigerian oil was priced at around $10 a barrel for May after deep discounts, but traders cautioned such prices may not tempt enough buyers amid the demand collapse triggered by coronavirus. This being said, as the US stock prediction shows (if its correct) is that there is some impact from the cuts and winding down of production on the market.
All they need now is some further good news about economies opening up again to create more demand and they might just survive this.
See your weekly worldwide bunker price /indications here:
Prices quoted in US$ 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