06 May 2020 – Your weekly bunker update from InterContinental Bunkering.
Brent crude futures dipped 20 cents, or 0.7%, to $30.77 a barrel, ending a six-day rise. U.S. WTI crude futures fell 27 cents, or 1.1%, to $24.29 a barrel by 0436 GMT, snapping a five-day winning streak. However, this has crept into positive territory as the European morning trading has commenced.
Pierre Andurand, the hedge fund manager known for bullish oil calls, recorded further gains last month in a market hit by the coronavirus crisis. The main Andurand Commodities Fund was up 9% in April, bringing its gain for the year to 66.8%. Oil had moved down in early trading after a report showed U.S. crude inventories rose 8.4 million barrels last week, more than expected, according to the API.
From headlines this morning it seems to be saying that the oil market has turned a corner. Total are keeping their dividend and pushing forward with its climate goal, Wall Street closed up, Mercuria being reported as seeing a turn in the market. Granted we are in uncharted territory, and as many of these stories warn that all analysis is null and void if we get a second wave of the virus.
See your weekly worldwide bunker price /indications here:
Loading…Prices quoted in US$ 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
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