Bunker Market this morning 4th August!
Oil Market rebounded on Wednesday and there is still an upward trend but weaker.
Reason the usual - profit taking - but some analysts claim that the unexpected large draw in U.S. gasoline inventories and a big drop in the dollar since the end of July, are the reasons for the rebound.
The pressure is still on despite the price gains on Wednesday, the overall oil market conditions remain weak, with overproduction in both crude and refined products continuing to weigh on markets.
The rebound will probably be short-lived and oil market is likely drop further but with a weakening tendency. Where is the bottom this time?
WTI will most likely not go below $35 a barrel and Brent not lower than $37 a barrel.
Oil Future close 3rd August:
Brent: $43.1(+1.30)pbr
WTI: $40.83(+1.32)pbr
MGO: $40.83(+1.32)pmton
Ny Harbor Ulsd: $396.37(+8.77)pmton
Oil Futures are at GMT 06.30 trading marginal upward.
Expect bunker prices to rise in moderate numbers today and it seems the present oil rally is weakening.