Bunker Market this morning 17th March!
The oil market really bounced back yesterday.
Even if some people don't necessarily think the market's bottomed, you can have a degree of confidence that we're in a much more sideways pattern, the downward momentum has dissipated.
Last night Oil Futures closed remarkably higher than previous session.
Brent again back above $40 level. Reason the usual fewer rigs in operation in the U.S. and inventory level not as high as expected.
Oil Future close last night: Brent $40.33(+1.59), WTI $38.46(+2.12) per barrel. MGO $365.25(+15.25) per mton and Ny Ulsd $379.04(+16.47) per mton.
Expect bunker prices to rise in big numbers today Thursday.
Fuel oil based on Brent and WTI around +7 usd/mton. MGO and NY Ulsd around +15 usd/mton.