Key numbers

摘要

Oil prices were stable in 03 09 with crude oil prices straying no more than USD2-USD3/bbl from USD70/bbl (USD430-470/tonne). A relatively small number of factors were responsible. The earlier upward pressure on prices came from the glimmer of small green shoots of economic growth and the weakening of the US dollar.rnHowever there has since been a lack of evidence confirming the expected increase in the demand for oil.rnThe improving economy has so far only helped to raise equity markets and there are few signs yet of the huge global stocks of crude oil and products being reduced. Fears have, therefore, grown that the end of the recession is not as imminent as initially hoped, and will be both later to arrive and slower to recover.rnThe effect of steadier crude oil prices has naturally had a calming effect on bunker prices, although local factors have come into play. As shown in the table, 380cst in Amsterdam, Rotterdam and Antwerp (ARA) started the quarter at USD393/tonne, fell rapidly in line with crude prices to USD354/tonne, then bounced back to over USD400/tonne. Prices remained mainly in the USD420S for the rest of the quarter before falling back through USD400/tonne at the end of September.rnThere have been few constraints in exports from Russia but shortages of fuel oil in the Far East and Middle East have kept the potential export of cargoes from Europe to the region under continuous review. Singapore had the same drop in prices in early July as Rotterdam, followed by a steady period with prices in the USD20s above that port.rnA new bunker supplier has started up at Tangier. A full range of high and low sulphur fuel oils is now available at prices comparable with Gibraltar Straits. This is helpful as under Marpol, low sulphur fuel oil (LSFO) has to be used in Emission Controlled Areas (ECAs) instead of HSFO.