• 2020 November 18 09:34

    MABUX: Bunker Market this morning, Nov 18

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    Oil prices edged lower in post-settlement trade on Tuesday after an industry group reported a bigger build than expected in U.S. crude stockpiles, adding to worries that new coronavirus lockdowns could hit demand.

    During the session, prices were narrowly mixed as the demand fears offset hopes for a vaccine and talk of tighter OPEC+ supply policies. Brent future fell 7 cents, or 0.2%, to settle at $43.75 a barrel. U.S. crude gained 9 cents, or 0.2%, to settle at $41.43.

    After settlement, U.S. crude edged lower to $41.19 a barrel when industry group the American Petroleum Institute (API) said crude inventories rose more 4.174 million barrels last week. That far exceeded the forecast increase of 1.7 million barrels, according to a Reuters poll.

    Crude prices had pared losses ahead of settlement, after the Pentagon said President Donald Trump will sharply reduce U.S. forces in Afghanistan from 4,500 to 2,500.
    “Crude prices rallied (from negative to little changed) after the Trump administration announced further drawdown of troops in Afghanistan and Iraq,” said Edward Moya, senior market analyst at OANDA in New York, noting instability in the region is a growing concern for some top military advisers and the oil market.

    The short-term economic outlook remained hazy with several European nations tightening restrictions as coronavirus cases increase.

    To tackle weaker energy demand in a resurgent pandemic, Saudi Arabia called on fellow OPEC+ members to be flexible as it builds the case for a tighter production policy in 2021.

    OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC), Russia and others, lowered its outlook on oil demand growth for 2021, according to a confidential document seen by Reuters.

    An option gaining support among OPEC+ nations is to keep the existing cuts of 7.7 million barrels per day (bpd) for a further three to six months, sources said, rather than tapering the reduction to 5.7 million bpd in January.

    OPEC+ held a ministerial committee meeting on Tuesday that made no formal recommendation. The group will hold a full meeting on Nov. 30-Dec. 1.
    Oil prices were mixed on Wednesday as a bigger-than-expected build in U.S. crude stocks and weaker U.S. retail sales stoked fears over fuel demand, although hopes that OPEC and its allies will delay a planned rise in oil output lent support.

    “The API crude inventories rose much higher than expected, which added to pressure,” said Jeffrey Halley, senior market analyst at OANDA.
    Disappointing U.S. retail sales also raised concerns over weaker U.S. consumption in light of the COVID-19 resurgence, he said.
    U.S. retail sales increased less than expected in October, restrained by spiraling new COVID-19 infections and declining household income as millions of unemployed Americans lose government financial support.

    “Still, I think today is the day of consolidation ... investors just saw an excuse for unwinding their long positions,” Halley said.
    It is predicted WTI will stay boxed into a range of $39 to $44 a barrel until a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) later this month.
    OPEC+ members are leaning towards delaying a previously agreed plan to boost output in January by 2 million barrels per day (bpd), or 2% of global demand, sources told Reuters early this week.

    Supporting the case for a tighter supply policy next year, OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows.

    Oil Future close 17th November, 2020
    Brent crude:          $ 43.75 (-0.07) /brl        FM delivery Jan (FM=Front Month)
    Light crude (WTI): $ 41.43 (+0.09) /brl       FM delivery Dec
    Gasoil ARA;           $ 350.25 (-2.50) /mton   FM delivery Dec
    NY Harbor Ulsd:    $ 381.47 (+3.14) /mton   FM delivery Dec  

    Oil Futures trading at GMT 07.13; Brent: $-0.07, WTI: $-0.14.

    Expect Fuel Oil prices little change today. (Fuel Oil, means 380 HS plus VLSFO together). MGO and NY Harbor Ulsd also expected little change. All prices are based on Oil Future close last night Tuesday evening.




2024 May 17

18:10 Bunker fuel sales at the Middle Eastern hub of Fujairah drop on a monthly basis in April 2024
17:52 Lloyd’s Register and Shandong Marine Group sign MoU
16:43 China reveals cooperation methods to protect and restore the Yangtze River
16:03 APM Terminals Barcelona holds the commissioning of 17 Konecranes NSC 644 EHY hybrid straddle carriers
15:13 Marine fuel demand in Panama declined in April 2024
14:43 MITSUI E&S and PACECO commence commercial operations of world's first hydrogen fuel cell zero emission RTG crane at Port of Los Angeles
14:23 ILWU Canada agrees to delay serving 72-hour strike notice on employer DP World Canada
13:31 Barge hits a bridge in Texas, damaging the structure and causing an oil spill
13:10 Container shipping costs on EU-S. Korea route surge over 30 pct amid Red Sea crisis
12:43 DP World invests €130m in Romania
12:21 Astrakhan hosts Russia-Iran talks on shipping cooperation on International North-South corridor
11:41 Seatrium awarded repeat FPSO integration contract from SBM Offshore
11:04 Bureau Veritas report highlights the potential of carbon capture technologies and the development of carbon value chains for shipping
10:41 Electramar christened in Helsinki
10:07 IMO Secretary-General spotlights seafarer safety amidst ongoing Red Sea attacks and resurging piracy
09:58 MABUX: Bunker Outlook, Week 20, 2024

2024 May 16

18:11 Kongsberg and Torghatten to develop self-driving ferry service linking Trondheim and the Fosen peninsula
17:42 “K” Line сonducts first trial use of B100 biofuel for carbon-free operations on car carrier
16:35 Deltamarin and ECOLOG unveil LP LCO2 carrier design
15:40 Seadrill enters agreement to sell its Qatar jack-up fleet
15:24 Scan Global Logistics and Hapag-Lloyd enter into major biofuel agreement in a new Green Collaboration
14:48 Edison Chouest feeder fleet for U.S. offshore wind market to be built to ABS Class
14:03 The Australian Government announces a funding package of $7.1 billion for budgeted programs to be administered by ARENA
13:54 The share of the idle container vessel fleet was 0.9% in April - Sea-Intelligence
13:25 The European Commission grants PCI status to CO2 value chain project developed by MOL with partners
12:14 HHLA's revenue decreased by 0.3 percent to € 363.6 millions in Q1 2024
11:42 MOL and TotalEnergies sign time charter contracts for 2 newbuilding LPG-fueled LPG carriers
10:40 Kalmar and Uniport Livorno agree on new terminal tractor order to enhance reliability, safety and service quality at Italian terminal
10:04 AMSA collaborates on a trial providing more recycling options for visiting foreign ships
09:59 SunGas Renewables and C2X announce strategic partnership

2024 May 15

18:07 MOL holds naming ceremony for newbuilding LNG carrier Greenergy Ocean to serve China National Offshore Oil Corporation
17:30 ClassNK and StormGeo mark significant collaboration to advance maritime decarbonization
17:02 Newly certified methanol valves to improve dual-fuel shipbuilding
16:45 HD KSOE to lease Subic shipyard in Philippines
16:25 Eidsvaag receives two forage carrier vessels designed and equipped by Kongsberg Maritime
15:58 ADNOC delivers first ever bulk shipment of CCS-enabled certified low-carbon ammonia to Japan
15:35 World's 1st wind challenger-equipped coal carrier achieves fuel savings of 17%
14:57 LR to support the retrofit of two Stena Line ferries to methanol
13:52 Port of Los Angeles nets record $58 million for harbor maintenance
13:32 CMA CGM to launch MCX - West Coast Central America
12:51 Port of Long Beach cargo volumes up 14.4% in April
12:21 First Ro-Pax vessel receives DNV Silent notation following successful sea trials with Wartsila propellers
11:41 Hapag-Lloyd transport volumes increased by 6.8 percent to 3 million TEU in Q1 2024
11:10 Cavotec signs two-year service agreement with Port of Salalah
10:41 China overtakes Korea in global shipbuilding competitiveness
09:58 The ports of Rotterdam and Delft join the CLARION project

2024 May 14

18:02 ICTSI to invest in new Southern Luzon gateway
17:31 ACL, BG Freight Line and Peel Ports Group start container service between Ireland and North America
17:10 Port of Hamburg is the first port in Europe to offer shore power for both container and cruise ships
16:31 Port of Gothenburg launches the platform "Digital Port Call"
16:18 NS United, NSY, Imabari Shipbuilding and Japan Marine United Corporation sign MOU for the construction of Cape-size bulk carriers using dual methanol fuel
15:56 Port of Antwerp-Bruges launches the world's first methanol-powered tugboat
15:29 The Ports of Barcelona and Shanghai will work together on innovation and decarbonisation projects
13:55 AD Ports Group announces Q1 results
12:58 NYK, NBP, TSUNEISHI SHIPBUILDING and Drax sign MOU to develop ‘bioship’ technology and plans to construct the world’s first biomass-fuelled ship
11:30 Maris Fiducia team up with HAV Hydrogen, Norwegian Hydrogen and Ankerbeer for zero emission bulk shipping
11:05 ABS and HD Hyundai Group sign MOU to advance medium-voltage power systems on ships
10:43 Finnlines’ new freight-passenger Superstar-class vessel Finnsirius awarded by Shippax
10:23 Kongsberg Maritime to design and equip two new salmon farm forage carrier vessels for Norwegian coastal cargo carrier Eidsvaag AS
09:48 Yara International and Kongsberg Digital enter collaboration on digital twin technology

2024 May 13

18:00 Capital dredging commences for Lowestoft Eastern Energy Facility
17:06 Berlin’s oldest passenger vessel enters a new green era powered by Torqeedo
16:22 Russia’s seaborne diesel trading partners shifted after Feb 2023 sanctions
16:18 Denis Manturov: Russian shipyards to deliver more than 110 civil ships this year
16:05 CMA CGM and China’s Contemporary Amperex Technology plan to set up joint venture
15:39 Yara Clean Ammonia and AM Green sign term sheet for sale of renewable ammonia from India to Yara Clean Ammonia’s global market
15:23 Maersk suspends methanol ship order to Chinese shipbuilder
14:59 Hamad Port сontainer volumes up 30% in 2023
14:04 Hanwha buys S’pore Dyna-Mac’s stake for $73.8 mn from Keppel
13:41 The EU plans to allocate more than $220 million to combat drug trafficking in ports