Bunker Market this morning 28th July!
Oil prices dropped 3 percent yesterday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged on weak demand during the peak summer driving season.
The U.S. Energy Information Administration (EIA) said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast. Gasoline inventories rose 452,000 barrels, compared with analysts' expectations for a 40,000-barrel increase.
Reuters data also showed that WTI and Brent had inched closer to their 200-day moving averages. Breaching those could open the door for more price drops.
Oil prices recovered slightly from April lows in early trading this morning, but the outlook for a balanced market remained weak as crude producers and fuel refiners continue to pump out more than the market can consume.
Oil Future close 27th July:
Brent: $43.47(-1.4) pbr
WTI: $41.92(-1.00) pbr
MGO: $382.25(-4.00) /mton
Ny Harbor Ulsd: $398.68(-9.54) /mton
Oil Future trades at GMT 05.45 a few cents upward for Brent and WTI.
Expect bunker prices to drop in moderate numbers on the back of Oil Future close last night.