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Prices of Crude Oil Could Increase in May

Middle East : 20 April 2010

Prices for Crude oil were steady yesterday with many on the market looking to increase sales of oil scheduled for May delivery. It is believed that the current supply list for May is pretty much in adherence with demand and this means that at present prices are remaining relatively stable.
However Brokers are still expecting price gains on the Very Large Crude Carrier options due for delivery during May as they feel that these alone could start a bidding war which would see an increase in overall price. Very Large Crude Carrier options from the Gulf to the United States had already increased from W67.63 to W67.63.
Analysts predict that a decreasing Atlantic market which will be largely due to those in the Caribbean may start attracting new speculators from the Middle East and this could cause a lack of demand on the market which will result in higher prices.
In the Baltic region crude oil tanker price rates from the Black Sea to the Mediterranean were up from W99.25 at the close of last week to a current rate of W108.13. Cross Mediterranean rates were also up to W122.50 this week and Very Large Crude Carrier rates from West Africa and the US Gulf were up by over 5.5 points from last week.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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