Bunker Market this morning 9th June!
Oil prices are still moving upwards and today's rise is due to drop of inventories in the U.S.
Data from the U.S. Energy Information Administration (EIA) showed U.S. crude stocks last week fell by 3.23 million barrels to 532.5 million barrels, marking their third consecutive weekly fall.
A weaker dollar is also helping to push oil prices higher.
With fundamentals weighing both for and against higher prices, many traders and analysts say that a price tag of $50-60 for a barrel of crude was a fair value for oil and MABUX believes the range will last until the end of the year.
Oil Future close 8th June:
Brent: $ 52.51(+1.07) pbr
WTI: $51.23(+0.87) pbr
MGO: $464.5(+8.25)/mton
Ny Harbor Ulsd: $483.49(+8.92)/mton
Brent and WTI are both trading slightly upward at GMT 05.37
Expect bunker prices to continue their upward trend today on back of yesterday's closing. Up 4-5 usd/mton for the fuel oil and up 8 usd/mton for MGO.