• 2019 April 18 09:36

    Bunker Market this morning, April 18

    The Bunker Review was contributed by Marine Bunker Exchange

    Oil settles lower as U.S. inventories disappoint market yesterday

    Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.

    Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. However, official data from the Energy Information Administration on Wednesday showed a 1.4 million-barrel crude drawdown, about half the API’s reported decline.

    “The rally overnight was predicated on a 3 million-barrel-per-day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”

    Brent crude futures settled down 10 cents at $71.62 a barrel. During the session, the contract touched an intraday high $72.27 a barrel, the highest this year.

    U.S. West Texas Intermediate (WTI) crude futures settled down 29 cents per barrel at $63.76 a barrel. The contract touched an intraday high of $64.61 a barrel, just shy of a 2019 high of $64.79 hit last week.

    Crude continued to be supported by steady economic growth in China.

    China’s economy grew by 6.4 percent in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a U.S.-China trade deal also appears near.

    Prices have been supported this year by a pact reached by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit their oil output by 1.2 million barrels per day. Global supply has been tightened further by U.S. sanctions on OPEC members Venezuela and Iran.

    Today's Oil Market expectation

    Oil prices slip amid ample U.S. output, Brent drifts away from five-month high

    Oil prices dropped on Thursday as the impact of plentiful U.S. production offset a surprise decline in U.S. inventories, leaving international benchmark Brent retreating from a five-month high touched in the previous session.

    Brent crude futures were at $71.42 a barrel at 0235 GMT, down 20 cents, or 0.3 percent, from their last close. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov. 8 at $72.27 a barrel.

    U.S. West Texas Intermediate (WTI) crude futures were at $63.69 per barrel, down 7 cents, or 0.1 percent, from their previous settlement. WTI closed the last session down 0.5 percent.

    U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.

    "A persistent rise in U.S. oil output, together with lingering demand-side concerns emerging from the U.S.-China trade dispute, is limiting price gains," Abhishek Kumar, Head of Analytics at Interfax Energy in London. Graphic: U.S. crude inventories, weekly changes since 2017.

    The price changes have been marginal for a few days now. It is difficult to determine why the market is behaving like it does. The small price adjustments could very well be from traders clearing or adjusting their accounts to be ready for action. The market is in a waiting mood.

    The U.S. Inventory

    U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.

    “The unexpected drawdown in U.S. commercial crude oil stocks was balanced by lower-than-expected withdrawals in the country’s gasoline and distillate inventories,” Kumar said.

    Gasoline stocks fell by 1.2 million barrels, less than analysts’ expectations in a Reuters poll for a 2.1 million-barrel drop.

    Distillate stockpiles, which include diesel and heating oil, fell 362,000 barrels, also not as much as forecasts for a 846,000-barrel drawdown, the EIA data showed.

    Net U.S. crude imports fell last week by 659,000 barrels per day.

    Oil Future close 17th April:
    Brent: $71.62(-0.10) pbr
    WTI: $63.76(-0.29) pbr
    MGO: $637(+3.50) /mton
    NY Harbor Ulsd: $637.02(-4.01) /mton

    Oil Futures trading at GMT: 06.08; Brent:-5 cents. WTI: -1 cent
    Market tendency at a standstill.

    Expect bunker prices little change today based on Oil Future close last night. 




2020 January 27

18:07 Port of Oostende, DEME Concessions and PMV announce exclusive partnership for green hydrogen plant in Ostend
17:35 Fincantieri announces the launching ceremony of the "Emilio Bianchi" frigate
17:19 Semco Maritime wins rig order for Seadrill
17:02 Baltic Workboats’ PILOT 15 WP wins Small Pilot Boat Award for 2019
16:39 Port of King’s Lynn seals new deal with leading recycling specialist
15:57 Two main engines loaded onto lead chemical carrier of Project 00216М named PortNews
15:04 Seaspan closes purchase of a fleet of six containerships
14:48 Average wholesale prices for М-100 HFO up to RUB 10,737 in RF spot market
14:24 Royal Navy to present exclusive updates on NavyX at Unmanned Maritime Systems Technology 2020
14:01 High Speed Transfers takes delivery of fourth Damen Fast Crew Supplier 2710 in 18 months
13:35 Northern Fleet detachment leaves Mediterranean sea
13:13 Baltic Fleet guard ship Yaroslav Mudryi calls at the port of Oman
12:51 Klaipėda Port remains an important centre-line of the national economics
12:26 Largest ports of Latvia change their focus and intend to make investments to improve their competitiveness
11:10 Vladivostok Sea Fishing Port handled 4.59 million tonnes of cargo in 2019, up 1.5% Y-o-Y
09:59 Victor Golomolzin takes the helm of Oktyabrskaya Railway
09:37 Brent Crude futures price is down 3.41% to $58.62, Light Sweet Crude – down 2.29% to $52.95
09:37 MABUX: Bunker market this morning, Jan 27
09:18 Baltic Dry Index is down to 557 points
09:06 CMA CGM cancelled PSS for cargo from Asia to North Africa
08:33 Port of Gothenburg container volumes up three per cent to 772,000 TEUs in 2019

2020 January 26

16:34 Harley Marine Services changes name to Centerline Logistics Corp
15:13 Island Class ferries move to Point Hope Maritime in Victoria
14:16 Wärtsilä integrated solutions will deliver efficiency and sustainability to three new short-sea vessels
13:32 USCG suspends search for missing person near Dauphin Island
12:03 Fincantieri strengthens the strategic partnership with Qatar
11:39 New LINKSPAN 7 arrives in Dublin Port
10:47 DOF Subsea awarded contracts in Australia

2020 January 25

16:11 “Flower Power” from Sanmar and Robert Allan Ltd. – 200 Tugs and Counting
15:27 USCG Cutter Polar Star arrives in Antarctica
13:11 TORM orders two scrubber-fitted LR2 newbuildings
12:47 USCG opens Blue Technology Center of Expertise
10:47 Hamburg Süd’s COO Frank Smet to step down
08:31 NORDEN signs charter for more women in shipping

2020 January 24

18:07 Port of Hamburg not expecting reduction in container throughput caused by liner service changes announced by Ocean Alliance and Maersk
17:42 First ship-to-ship LNG bunkering operation in the Port of Rostock
17:40 Engineering troops to develop a plant for desalination of water in the Arctic
17:16 Gasum completes 200th ship-to-ship LNG bunkering
16:52 Carnival Mardi Gras floated out at Meyer Turku shipyard
16:51 Former COO of Stanlow refinery: “The first step of the digitalization is underway”
16:27 Tallink’s vessel Silja Europa to be renewed at Turku Repair Yard in Naantali, Finland
16:04 United Heavy Lift GmbH Hamburg takes over a modern Heavy Lift fleet of nine eco-friendly F900 newbuildings
16:03 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea and East Med to Far East, Middle East Gulf and Red Sea
15:32 First Deputy PM Andrey Belousov held meeting with senior executives of RF Transport Ministry
15:03 Dublin Port Company christens its new Pilot Boat, DPC Tolka
14:30 Sergey Sapegin takes the helm of Kaliningrad Railway
14:03 The Grande Houston delivered to the Grimaldi Group
13:25 Port of Guayaquil inaugurates deepened maritime access channel
12:58 Bunker prices are table at the port of Saint-Petersburg, Russia (graph)
12:01 CMA CGM announces PSS for reefer exports from Ecuador to Europe, Baltic, Mediterranean, Middle East & Asia
11:00 MAN Energy Solutions wins contract to supply the main propulsion engines for two patrol vessels
10:33 The ShipFC project to convert offshore vessel to run on ammonia-powered fuel cell
10:22 MABUX: Bunker market this morning, Jan 24
09:31 Brent Crude futures price is up 0.35% to $62.26, Light Sweet Crude – up 0.4% to $55.81
09:14 Baltic Dry Index is down to 576 points

2020 January 23

19:00 Chembulk Tankers announces management changes
18:27 KOTUG provides salvage assistance to MV EM-OINOUSSES
18:07 Ocean Installer awarded contract with Dana Petroleum
17:42 Almost 290 cruise liners will call at Ports of Stockholm in 2020
17:37 NYK-operated coal carrier Sunshine Pride enters service for Joban Joint Power