---

The average global bunker price fell at a less significant rate than Brent crude during the month of November, according to Bunker Index (BIX) and Intercontinental Exchange (ICE) price data.

The Brent settlement average decreased by $8.42 per barrel, or 9.56 percent, to $79.63 per barrel in the month of November - the second most significant drop since June 2012. During the same period, the BIX global bunker average was down $50.57 per tonne, or 7.22 percent, to $649.76 per tonne - also the second-biggest decline since June 2012.

Since November 2013, the Brent monthly average has fallen by $28.27 per barrel, or 26.2 percent, from $107.90 to $79.63 per barrel, whilst the BIX monthly global average has declined by $132.23 per tonne, or 16.9 percent, from $781.99 to $649.76 per tonne.

Please find below tables of monthly WTI crude settlement averages and BIX global bunker averages between January 2011 and November 2014.

Month	Brent Average($/bbl)	+/-	+/-(%)
Nov 2014	79.63	-8.42	-9.56
Oct 2014	88.05	-10.52	-10.67
Sep 2014	98.57	-4.83	-4.67
Aug 2014	103.40	-4.84	-4.47
Jul 2014	108.24	-3.73	-3.33
Jun 2014	111.97	+2.79	+2.56
May 2014	109.18	+1.09	+1.01
Apr 2014	108.09	-0.34	-0.32
Mar 2014	107.75	-1.09	-1.00
Feb 2014	108.84	+1.79	+1.67
Jan 2014	107.05	-3.65	-3.30
Dec 2013	110.70	+2.80	+2.59
Nov 2013	107.90	-1.54	-1.41
Oct 2013	109.44	-1.81	-1.63
Sep 2013	111.25	+0.87	+0.79
Aug 2013	110.38	+3.01	+2.80
Jul 2013	107.37	+4.03	+3.90
Jun 2013	103.34	+0.06	+0.06
May 2013	103.28	-0.15	-0.15
Apr 2013	103.43	-6.11	-5.58
Mar 2013	109.54	-6.49	-5.59
Feb 2013	116.03	+3.75	+3.34
Jan 2013	112.28	+3.08	+2.82
Dec 2012	109.20	-0.19	-0.17
Nov 2012	109.39	-2.08	-1.87
Oct 2012	111.47	-1.56	-1.38
Sep 2012	113.03	+0.35	+0.30
Aug 2012	112.68	+9.96	+9.70
Jul 2012	102.72	+6.79	+7.08
Jun 2012	95.93	-14.36	-13.02
May 2012	110.29	-10.20	-8.47
Apr 2012	120.49	-4.05	-3.25
Mar 2012	124.54	+5.48	+4.60
Feb 2012	119.06	+7.61	+6.83
Jan 2012	111.45	+3.73	+3.46
Dec 2011	107.72	-2.76	-2.50
Nov 2011	110.48	+1.69	+1.55
Oct 2011	108.79	-0.98	-0.89
Sep 2011	109.77	-0.16	-0.15
Aug 2011	109.93	-6.82	-5.84
Jul 2011	116.75	+3.03	+2.66
Jun 2011	113.72	-0.80	-0.70
May 2011	114.52	-8.57	-6.96
Apr 2011	123.09	+8.42	+7.34
Mar 2011	114.67	+10.64	+10.23
Feb 2011	104.03	+7.14	+7.37
Jan 2011	96.89

Month	BIX Average ($/mt)	+/- ($)	+/- (%)
Nov 2014	649.76	-50.57	-7.22
Oct 2014	700.33	-53.49	-7.10
Sep 2014	753.82	-15.61	-2.03
Aug 2014	769.43	-13.33	-1.70
Jul 2014	782.76	-11.05	-1.39
Jun 2014	793.81	+4.76	+0.6
May 2014	789.05	+0.09	+0.01
Apr 2014	788.96	-3.85	-0.5
Mar 2014	792.81	-0.82	-0.1
Feb 2014	793.63	+5.78	+0.7
Jan 2014	787.85	-5.72	-0.7
Dec 2013	793.57	+11.58	+1.48
Nov 2013	781.99	-9.31	-1.18
Oct 2013	791.30	-7.95	-1.0
Sep 2013	799.25	+2.96	+0.37
Aug 2013	796.29	+5.44	+0.7
Jul 2013	790.85	+4.29	+0.5
Jun 2013	786.56	-0.05	-0.006
May 2013	786.61	-4.64	-0.6
Apr 2013	791.25	-25.71	-3.1
Mar 2013	816.96	-27.77	-3.3
Feb 2013	844.73	+21.31	+2.6
Jan 2013	823.42	+19.38	+2.4
Dec 2012	804.04	-6.05	-0.7
Nov 2012	810.09	-23.85	-2.9
Oct 2012	833.94	-19.14	-2.2
Sep 2012	853.08	+20.09	+2.4
Aug 2012	832.99	+47.42	+6.0
Jul 2012	785.57	+10.62	+1.4
Jun 2012	774.95	-70.59	-8.3
May 2012	845.54	-43.51	-4.9
Apr 2012	889.05	-13.09	-1.5
Mar 2012	902.14	+28.38	+3.2
Feb 2012	873.76	+24.73	+2.9
Jan 2012	849.03	+30.85	+3.8
Dec 2011	818.18	-16.64	-2.0
Nov 2011	834.82	+20.21	+2.5
Oct 2011	814.61	-5.29	-0.6
Sep 2011	819.90	+0.52	+0.06
Aug 2011	819.38	-15.42	-1.8
Jul 2011	834.80	+11.61	+1.4
Jun 2011	823.19	+1.11	+0.1
May 2011	822.08	-24.57	-2.9
Apr 2011	846.65	+46.40	+5.8
Mar 2011	800.25	+71.17	+9.8
Feb 2011	729.08	+62.34	+9.3
Jan 2011	666.74	+29.67	+4.7