• 2019 April 12 09:31

    MABUX: Bunker Market this morning, April 12

    The Bunker Review was contributed by Marine Bunker Exchange

    Oil prices sliped on Thursday as OPEC mulls output hike, U.S. stocks build

    Oil prices fell on Thursday after sources said OPEC may raise output from July if Venezuelan and Iranian supplies fall further and prices keep rallying.

    Rising U.S. crude stockpiles also dragged U.S. futures down by more than $1 a barrel. West Texas Intermediate (WTI) crude fell $1.03 to settle at $63.58 a barrel.

    Global benchmark Brent settled at $70.83 a barrel, down 90 cents.

    'Now there is a suggestion that OPEC may surprise us and raise production pre-emptively if we get a price spike,' said Phil Flynn, an analyst at Price Futures Group in Chicago.

    The Organization of the Petroleum Exporting Countries may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said.

    Venezuelan crude production has dropped below 1 million barrels per day (bpd) due to U.S. sanctions, the International Energy Agency said on Thursday, even below the 960,000 bpd OPEC reported on Wednesday.

    Iranian supply could fall further after May if, as many expect, Washington tightens its sanctions against Tehran.

    OPEC and its allies led by Russia are due to meet in Vienna on June 25-26 to set their policy.


    Bunker Market Friday morning
    ________________________

    Oil prices firm amid OPEC supply cuts, U.S. sanctions on Iran and Venezuela

    Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.

    'We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,' RBC Capital Markets said in a note.

    'Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer,' the Canadian bank said.

    Oil markets have been pushed up by more than a third this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.

    Production in Venezuela has been plunging as the U.S. sanctions add to a deep economic and political crisis, while the U.S. government is expected to tighten oil sanctions against Iran in May.

    'Electrical outages added a further hurdle to Venezuelan production, which fell by 290,000 barrels per day in March to 732,000 barrels per day. Iranian production was stable at 2.7 million barrels per day, (but) could take a further hit if the U.S. cuts import waivers in May,' said Jefferies bank on Friday.

    Oil Future close 11th April:
    Brent: $70.83(-0.90)pbr
    WTI: $63.58(-1.03)pbr
    MGO: $627(unchanged)/mton (April contact expired y'day. New Front Month May)
    NY Harbor Ulsd: $636.41(-6.28)/MTON

    Oil Futures trading at GMT: 05.08; Brent:+23 cents, WTI:+27 cents
    The general tendency is irregular. The market has not decided yet which way to go.
    After y'days drop a slight rebound is in the cards.

    Expect bunker prices to drop. - Fuel Oil down 5-6 USD/MTON, NY Harbour also down
    6 USD/MTON for the Americas and MGO for the rest of the world unchanged.

    Note: The above predictions are based on Oil Future close last night 11th April. 




2019 December 5

18:05 ABS, MAN & SDARI join forces to develop ammonia-fueled feeder vessel
17:46 Throughput of Rostov-on-Don port in 11M’19 fell by 7% Y-o-Y to 21.1 million tonnes
17:21 Extraordinary general shareholders meeting of LUKOIL approves interim dividend
17:05 NORDEN enters new biofuel collaboration with Kvasir Technologies
16:28 Cargo traffic on Northern Sea Route can grow to 160 million tonnes by 2035 – Aleksandr Krutikov
16:05 ABS and CATL sign battery research agreement
15:54 Port of HaminaKotka published its statistics for November 2019
15:30 Ministry for Development of Russian Far East and Arctic expects special economic regime to come into force in Arctic in 2020
15:03 DNV GL and Huangpu-Wenchong sign JDP on 5,000 TEU LNG dual-fuel containership
14:49 Global project launched to tackle plastic litter from ships and fisheries
14:33 IMO Assembly approved renewal of Kitack Lim’s appointment as secretary-general of UN body
14:06 Torqeedo powers all-electric harbour water clean-up boat
13:06 YILPORT Puerto Bolívar now operates with four mobile harbor cranes
12:44 Bunker prices increase at the Far East ports of Russia (graph)
12:25 Norfolk, Virginia to host Port & Terminal Technology USA on 21-22 April 2020
12:17 MABUX: Bunker market this morning, Dec 05
12:08 Inmarsat launches Fleet LTE service in the North Sea
11:50 Forum «Arctic: Today and the Future» kicked off in Saint-Petersburg
11:29 “K” Line completes additional development (Phase-2) of “Kawasaki Integrated Maritime Solutions”
11:05 PIL upgrades Redsea Gulf Service and Intra-Redsea Feeder 5
10:37 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
10:01 Bunker sales at port Vladivostok in 11M’19 grew by 53.2% to 1.58 million tonnes
09:36 Brent Crude futures price is down 0.1% to $62.94, Light Sweet Crude – down 0.38% to $58.2
09:18 Baltic Dry Index is down to 1,599 points
09:03 CMA CGM and Total sign a major agreement
06:49 Ocean Yield ASA announces delivery of three LR2 product tankers with long-term charters

2019 December 4

18:30 North Carolina Ports Chief Commercial Officer retires
18:09 Diana Shipping announces time charter contracts for m/v Myrsini with Ausca and m/v Artemis with Koch
17:47 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
17:26 Freight turnover of Neva-Metal (Saint-Petersburg) in 11M’19 fell by 1% Y-o-Y to 2.93 million tonnes
17:09 ABS presents its innovative work at the annual meeting of the ABS South East Asia Regional Committee
16:48 Traficom: new study published on indicative analysis methods used in the control of ships’ ballast water treatment
16:32 Port of Gdynia increased container handling by 13% to 750.439 thousand tons in 10M’2019
16:09 Nexans, Eversource and Ørsted sign Framework Agreement for North American Offshore Wind Farm development with the opportunity to provide up to 1,000 kilometers of export cable for multiple Ørsted projects till 2027 in United States
15:52 Jotun A/S and COSCO Shipping International HK renew JV agreement
15:31 Cargo traffic within Azov-Don Basin of Russia’s IWWs down 9% to 9.57 million tonnes in 11M’19
15:10 The opening of Port Said tunnel under the Suez Canal provides faster access to SCCT
14:47 Port of Gdynia completed modernization and redevelopment of its video surveillance system
14:30 Port of Ipswich celebrates new partnership milestone with Metsä Wood UK
14:09 Maersk launches new visibility tool “Captain Peter”
13:51 ABP appointed new Head of Operations for Humber International Terminal
13:28 Moscow Canal completed project on digital mapping of Russia’s inland water ways
13:09 Georgia Ports Authority set to exceed 4.6M TEUs for the first time in a calendar year
12:47 Russian Maritime Register of Shipping takes part in Marintec China 2019
12:30 Crew of IBSV Gennadiy Nevelskoy rescued three men in Sea of Okhotsk
12:08 GTT and WISON sign a Technical Assistance and License Agreement for the construction of membrane tank systems
11:53 AS Tallink Grupp reports increase of passenger and cargo turnover in November 2019
11:26 Russian Railways: Loading of export cargo bound for domestic ports up 3.4% to 281.4 million tonnes in 11M’19
11:08 LR collaborates with DSIC and Man Energy Solutions for first ammonia-fuelled ULCS in China
10:47 Bunker market at the port of Saint-Petersburg sees mixed price movements, Russia (graph)
10:30 Hapag-Lloyd to revise the Currency Adjustment Factor for North Europe as of January 1, 2020
10:08 HEP to build the first hydrogen station at the Port of Amsterdam
10:03 MABUX: Bunker market this morning, Dec 04
09:56 Baltic Dry Index is up to 1,606 points
09:38 Lloyd’s Register grants AiP to CMES, CNOOC, DSIC and GTT for LNG dual-fuelled VLCC design
09:20 Brent Crude futures price is up 0.74% to $61.27, Light Sweet Crude – up 0.68% to $56.48
09:08 Odfjell SE reaches an agreement with Navig8 Chemical Tankers to expands stainless steel chemical tanker pool
08:53 Port of Hamburg anticipates positive impact from the EU-Singapore trade agreement
08:06 P.P. Shirshov Institute of Oceanology of the Russian Academy of Sciences development is declared the best innovative product at Seoul Fair
07:06 CMA CGM chooses the port of Marseille-Fos for the bunkering of its future 15,000-TEU vessels