For next week expect oil prices to go sideways – forecast
For next week expect oil prices to go sideways. This forecast is provided to Portnews by Marine Bunker Exchange.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-01-17 |
602 |
633 |
|
Rotterdam 2012-01-17 |
679 |
690 |
|
|
|
|
|
Gibraltar 2013-01-17 |
628 |
682 |
|
Gibraltar 2012-01-17 |
690 |
740 |
|
|
|
|
|
St Petersburg 2013-01-10 |
500 |
560 |
|
St Petersburg 2012-01-10 |
415 |
495 |
|
|
|
|
|
Panama Canal 2013-01-10 |
625 |
733 |
|
Panama Canal 2012-01-10 |
695 |
- |
|
|
|
|
|
Busan 2013-01-10 |
645 |
819 |
|
Busan 2012-01-10 |
749 |
- |
|
|
|
|
|
Fujairah 2013-01-10 |
615 |
725 |
|
Fujairah 2012-01-10 |
724 |
- |
All prices stated in USD / Mton
All time high Brent= $147.50 (July 11, 2008)
All time high Light crude (WTI)= $147.27 (July 11, 2008)
|
Product |
Close Jan.16 |
|
Light Crude Oil (WTI) |
$94.24 |
|
Brent Crude Oil |
$109.68 |
The Algeria attack causing a slight increase of oil prices. Islamist fighters have opened up an international front in Mali’s civil war by taking dozens of hostages at a gas plant in the Algerian desert just as French troops launched an offensive against rebels in neighbouring Mali.
It is believed that the rise in oil production in the US prevented supply fears driving a big jump in prices. The expansion of the Seaway pipeline has unblocked more crude for the US Gulf Coast refineries, limiting the demand for import. The other impact of the Seaway is that it has created spare capacity in Saudi Arabia, which will also put a downward pressure on the oil price. Notable is that in the last quarters, there was no spare capacity available. Today a spare capacity cushion has been created and it lowers the spike potential for the oil prices.
A series of data showing worsening economic conditions in Europe, and the on-going uncertainty surrounding an agreement over the US debt ceiling and a forecast of weak crude demand in 2013, also keeping prices levelled. Worries about the global economy were revived on Wednesday after the World Bank cut its forecast for world growth in 2013 to 2.4 percent from its previous estimate of 3 percent. The decline in economic activity may lead to poor energy demand, and force OPEC to forecast a cut for its crude in 2013. OPEC will release its supply and demand report later this month.
