• 2013 February 14 18:50

    Bunker Review W.07, 2013

    The Bunker Review is contributed by Marine Bunker Exchange

    There was limited trade activity on the oil markets this week as many Asian markets are shut because of the Lunar New Year. However general trend was the optimism on the expectations of growing fuel demand in emerging economies.

     China's strong trade data for January, the first hard economic numbers of the year, showed a surge in exports and imports that was not solely explained by the timing of the Lunar New Year holiday and confirmed the rebound in the world's second-biggest economy. The nation’s crude imports last month rose 7.4 percent from a year ago to 25.15 million tons, or 5.92 million barrels per day, the third highest daily rate on record. China bought 24.87 million metric tons of crude more than it exported. Meanwhile, crude stockpiles are still rather low:  they were dropped 3.6 percent at the end of December.

     Also giving oil prices a lift, both the EIA and the Organization of the Petroleum Exporting Countries (OPEC) have raised forecasts for demand this year. OPEC expects global oil demand will rise by 800,000 barrels a day to 89.7 million, which marks an increase of 80,000 barrels a day from last month’s report. The U.S. Energy Information Administration in turn said on Feb.12, that world oil demand will grow faster than previously expected in 2013 and rapid increases in the North American supply may not be enough to keep gasoline prices in check as spring approaches. EIA increased its forecast for demand growth by 110,000 bpd to 1.05 million bpd in 2013, taking global demand to 90.2 million bpd this year as the world economy recovers.

     Meanwhile the IEA report on Feb. 13 said U.S. crude inventories rose by 560,000 barrels in the week ending Feb. 8, though the gain was slightly less than expected, while stockpiles of gasoline and distillates fell. Another rise in weekly oil stockpiles marks the fourth consecutive week of inventory increases, the longest streak since May.  Rising supplies may slow down the rally in oil prices in the near future.

     While global demand growth is supporting oil prices, the situation in the euro zone still threatens to weigh further on equities and the euro. A corruption scandal has caused political instability in Spain and the outcome of Italy's upcoming election is becoming less certain. Investors are also watching a G20 gathering to discuss a financial bailout for Cyprus, although no firm decision is expected until after the completion of the Cypriot election at the end of this month.

     One more supporting factor is tensions in the Middle East and worries about oil supply from the region. In the beginning of the week Iran rejected the notion of direct talks with the U.S. over its nuclear ambitions at the same time that the U.S. has tightened economic sanctions. Tensions slightly eased on Feb.12 when Iran acknowledged it was converting some of its higher-grade enriched uranium into reactor fuel, a move that could help prevent a dispute with the West over its nuclear program. As a part of a deal, on Feb.13 a team of United Nations inspectors arrived in Iran to negotiate wider access to the Persian Gulf nation’s nuclear facilities.

    For the coming week expect oil prices to go upwards. 

     

     Product

    380 cSt HSFO

    380 cSt LSFO

     

     

     

    Rotterdam 2013-02-14

    642

    691

    Rotterdam 2012-02-14

    687

    714

     

     

     

    Gibraltar 2013-02-14

    655

    726

    Gibraltar 2012-02-14

    703

    784

     

     

     

    St Petersburg 2013-02-14

    545

    605

    St Petersburg 2012-02-14

    405

    495

     

     

     

    Panama Canal 2013-02-14

    657

    757

    Panama Canal 2012-02-14

    725

    -

     

     

     

    Busan 2013-02-14

    680

    855

    Busan 2012-02-14

    740

    -

     

     

     

    Fujairah 2013-02-14

    658

    765

    Fujairah 2012-02-14

    728

    -

     

    All prices stated in USD / Mton

     

    All time high Brent = $147.50 (July 11, 2008)

    All time high Light crude (WTI) = $147.27 (July 11, 2008)

     

    Product

    Close Feb. 13

    Light Crude Oil (WTI)

    $97.51

    Brent Crude Oil

    $117.75

     




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12:17 Port of San Diego extends public review period for Draft EIR for PMPU
11:57 HAROPA PORT elected “Best Green Seaport 2021”
11:33 Contract award for MPSV Siem Dorado
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2021 November 27

14:38 Liquid Wind secures SEK 151 million for production of fossil free fuel
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10:54 J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels

2021 November 26

18:17 TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik
18:00 TransContainer’s IFRS-based net profit in 9M'2021 increased by 51% to RUB 14.8 bln
17:35 Royal Niestern Sander signs contract for walk to work vessel conversion
17:26 PortNews offers final edition of its magazine for 2021
17:15 Konecranes and Cargotec note CMA’s announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
17:03 IMO appoints Special Advisor on Maritime Security
16:55 Nord Stream 2 delay weighs on gas prices - Gasum
16:40 Nevsky Shipyard lays down two research vessels of Project 17050
16:25 BIMCO calls for continued naval support in Gulf of Guinea after piracy incident
16:05 Alfa Laval and Orcan Energy sign a cooperation agreement for the marine market
15:43 Wärtsilä launches power limitation solutions for EEXI compliance
15:25 Hiab launches HIAB iQ.1188 HiPro loader crane with new control system
14:47 RF Government approves Transport Strategy of Russia until 2030 with forecast until 2035
13:59 Sredne-Nevsky Shipyard launches Anatoly Shlemov minesweeper of Project 12700
13:11 The Port of València hosts a rescue drill for a crane operator
12:10 GTT obtains tank design order for three new LNG Carriers from Hyundai Heavy Industries and Hyundai Samho Heavy Industries
11:54 Phase 2 of Bagayevsky hydrosystem construction begins
11:52 Ardmore moderates COP26 ‘ShipZero’ panels, discussing the realities of zero emission ships
11:17 ClassNK signs MOU on cybersecurity with Panama Maritime Authority (PMA)
10:51 MSC starts new In-Transit Cargo service
10:32 MABUX: Global bunker market to keep slight irregular fluctuations with no firm trend on Nov 26
10:22 Oboronlogistics' Ambal ferry obtaines certificate on safety management from RS
09:48 MPA and maritime partners maintain cybersecurity readiness through inaugural exercise
09:33 Baltic Dry Index as of November 25
09:17 Oil prices decrease on concerns over reduction of demand

2021 November 25

18:06 Rolls-Royce and Zhenjiang Shipyard to jointly promote tugs and workboats with mtu engines in China
17:44 Delo Group presented own Digitalization Strategy
17:16 Keppel awarded FSRU conversion and FPSO integration work worth around S$200 million
16:25 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14% in 2021
16:03 Great Lakes Dredge & Dock announces receipt of $92.5 mln Houston Ship Channel widening and improvement project 11 award
15:59 Damen Shipyards achieves official EU Stage V certification for its Emission Reduction system
15:30 RF State Duma ratifies Nairobi Wreck Removal Convention, 2007
15:02 Navigator Holdings announces approval in principle for new CO2 carrier designs for its Dan-Unity CO2 joint venture with Evergas
14:59 RINA, ABB, Helbio, the Liberian Registry, Wärtsilä and an Energy Major enter in proposal with hydrogen as fuel to meet IMO2050 targets
14:44 Rosterminalugol shipped 21 million tonnes of export coal over 10M’2021
14:21 BAE Systems launches next-generation power and propulsion system to help marine operators reach zero emissions
13:55 MABUX: Bunker Weekly Outlook, Week 47, 2021
13:12 Kongsberg Maritime and Norsepower MoU agreement facilitates Rotor Sail integration for shipowners
12:31 Sea Port of Saint-Petersburg allocated over RUB 21 million for implementation of its environmental programme
12:06 Port of Kiel describes path to climate neutrality by 2030
11:06 Third Finnlines hybrid ro-ro launched in China Merchants Jinling Shipyard
10:35 Mitsubishi Heavy Industries receives a major turbomachinery order for Ust-Luga LNG export plant
10:31 MABUX: Bunker prices may demonstrate slight upward changes on Nov 25
10:30 Navigation season closed on Volga-Baltic Waterways
10:06 Port of Long Beach named the best West Coast Seaport in North America
09:41 Oil market sees mixed price movements
09:22 Baltic Dry Index as of November 24
09:08 The second of Damen’s new Shoalbuster 2711 class handed over to Ports of Jersey in christening ceremony