Bunker prices on hold, uncertain development in Egypt, expert says
The Bunker Review is contributed to IAA PortNews by Marine Bunker Exchange
The situation for oil prices eased somewhat after the toppling of Mursi yesterday, Egypt’s former President, which led to moderate downward pressure on oil prices. For some time the unrest in Egypt has pushed the oil prices for crude oil upward. Today prices have eased and that is probably not only due to the situation in Egypt also there is national holiday in the U.S. There is no floor trading today, which means all electronic settlements will be booked tomorrow.
The unrest in Egypt is not a problem in itself but more so what could happen in the area of Middle East. Will the problem in Egypt spread to neighboring countries? For the mo-ment we do not know. The oil market or any other market for that matter does not like the uncertainty. The increase in oil prices we have seen now for some time is very much caused by the situation in Egypt, which has pushed the crude oil price upward about $5-6 per barrel. Let us assume the situation will stay calm in Egypt oil prices will then soon start to retract.
Egypt, the most populous Arab nation, controls the Suez Canal and the Suez-Mediterranean Pipeline, through which a combined 2.24 million barrels a day of oil was shipped from the Red Sea to Europe and North America in 2011, according to the EIA. The Middle East accounted for 35 percent of global oil output in the first quarter of this year, according to the International Energy Agency’s latest monthly oil market report. Traffic at the Suez Canal is normal and the waterway is guarded by military and police, TarekHassanein, spokesman for the Suez Canal Authority, commented yesterday in an e-mailed statement.
The situation in Egypt is expected to have a great impact on bunker prices and if nothing extraordinary pops up the product prices will likely ease next week.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
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|
|
|
|
Rotterdam 2013-07-04 |
582 |
603 |
|
Rotterdam 2012-07-04 |
580 |
635 |
|
|
|
|
|
Gibraltar 2013-07-04 |
605 |
658 |
|
Gibraltar 2012-07-04 |
616 |
669 |
|
|
|
|
|
St Petersburg 2013-07-04 |
544 |
574 |
|
St Petersburg 2012-07-04 |
389 |
429 |
|
|
|
|
|
Panama Canal 2013-07-04 |
602 |
674 |
|
Panama Canal 2012-07-04 |
606 |
- |
|
|
|
|
|
Busan 2013-07-04 |
612 |
719 |
|
Busan 2012-07-04 |
632 |
- |
|
|
|
|
|
Fujairah 2013-07-04 |
590 |
730 |
|
Fujairah 2012-07-04 |
608 |
- |
All prices stated in USD / metric ton
All time high Brent= $147.50 (July 11, 2008)
All time high Light crude (WTI)= $147.27 (July 11, 2008)
|
Product |
Close Jul.03 |
|
Light Crude Oil (WTI) |
$101,24 |
|
Brent Crude Oil |
$105,76 |
