Changes on the day to 08.00 CDT (13.00 GMT) today:
- VLSFO prices up in Balboa ($18/mt), Houston ($8/mt) and New York ($3/mt), and down in Zona Comun ($1/mt)
- LSMGO prices up in New York ($24/mt), Balboa ($22/mt) and Houston ($11/mt)
- HSFO prices up in New York ($18/mt), Balboa ($16/mt) and Houston ($12/mt)
Fuel Price Fluctuations in Key US Ports
The price moves have flipped New York’s VLSFO price premium of $5/mt over Balboa to a $10/mt discount now. Balboa’s VLSFO is now priced at a premium over other regional ports.
New York’s HSFO price gain has outpaced its VLSFO, narrowing the port’s Hi5 spread from yesterday’s $96/mt to $91/mt now. The front-month ICE Brent contract has gained $1.82/bbl on the day, to $80.32/bbl at 08.00 CDT (13.00 GMT) today.
Upward pressure
China’s highest economic planner, National Development and Reform Commission (NDRC) has pledged to roll out policies to “restore and expand” consumption in the world’s biggest oil-importing nation, Reuters reports.
US crude oil inventories fell by 800,000 BBls in the week ended 14 July, as per the latest API data. Meanwhile, market analysts were expecting a larger draw of around 2.3 million BBLs. “The (API) numbers were fairly neutral,” said ING’s market analyst Warren Patterson.
Downward Pressure
“The bullish oil thesis was again kneecapped by the ongoing deterioration in China’s growth fundamentals,” said SPI Asset Management’s analyst Stephen Innes.
“The major fear is that signs of slowing in the broader economy will begin to impact transport demand. Supply concerns have also eased, with both the Sharara and El Feel oil fields in Libya reportedly resuming after a brief shutdown last week due to protests,” he noted.
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Source: Engine Online
