20 May 2020 – Your weekly bunker update from InterContinental Bunkering

Brent crude futures for July delivery were up 10 cents, or 0.3%, at $34.75 per barrel at 0626 GMT. U.S. WTI crude futures for July were down 2 cents at $31.94 a barrel after closing up 1% in the previous session. U.S. crude inventories fell by 4.8 million barrels to 521.3 million barrels in the week to May 15, data from industry group the American Petroleum Institute (API) showed on Tuesday.

A second predicted draw in a row, now that is something. Has the market turned a corner? Are the producers finally getting to grip with cuts? All I can see is that this predicted draw is supporting the market this morning, with prices holding up just below the $35 level.

Two mainstay export trades for European and U.S. oil refiners have collapsed because of the pandemic and its impact on fuel demand. For decades now, Europe has been dispatching its surplus of gasoline to buyers in the U.S. and, more recently, America has been sending huge volumes of diesel in the opposite direction.

But with demand on both sides of the Atlantic well below normal levels, the longstanding trades have crumpled.

See your weekly worldwide bunker price /indications here:

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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

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