MABUX: Expectations of irregular trend in bunker prices in medium-term per-spective
The Bunker Review is contributed to IAA PortNews by Marine Bunker Exchange www.mabux.com
West Texas Intermediate (WTI) traded near four months low as crude stockpiles gained for a sixth week in the U.S. and causing a second monthly price decline. The US is world’s biggest oil consumer, but crude inventories showed a large build up more than refinery demanded.
The Brent crude oil is still strong price wise due to Libya’s low output. In Libya, the holder of Africa’s biggest oil reserves, the Sharara oil field was pumping about 330,000 barrels a day before it was shut by minority Tuareg protesters this week. Libya, a member of the OPEC, has a capacity to pump 1.6 million barrels a day, but today they far from that target.
Shell, Europe’s biggest oil company, reported third quarter earnings that missed analyst estimates as production and refinery margins dropped. Chief Executive Officer, Peter Voser, who steps down at the end of the year, said, Shell is facing headwinds from weak industry refining margins, and the security situation in Nigeria. The company’s earnings from refining and marketing almost halved to $892 million in the third quarter from a year ago.
France’s Total SA on Thursday said third quarter earnings decreased 19 percent to 2.7 billion euros ($3.7 billion) on lower refining margins. Total’s refining margin, a generic measure of profitability, shrank to the lowest level in almost five years to $10.60 a metric ton, compared with $51 a ton a year earlier. According Total, the refining environment remains very difficult right now, with very weak margins. Europe is facing a refining overcapacity with a decreasing refining profit.
Exxon Mobil Corp., the biggest oil company by market value, said third quarter net income declined on dwindling returns from processing crude into fuel. US profit margins from refining oil into prod-ucts such as gasoline and diesel declined 43 percent to an average of $17.54 a barrel during the July to September period as the cost of US crude feedstocks rose. – The drop in refining profits more than offset gains from higher natural gas and US crude prices.
We expect slight changes in bunker prices next week.
|
Product |
380 cSt HSFO |
380 cSt LSFO |
|
|
|
|
|
Rotterdam 2013-10-31 |
586 |
605 |
|
Rotterdam 2012-10-31 |
590 |
630 |
|
|
|
|
|
Gibraltar 2013-10-31 |
603 |
644 |
|
Gibraltar 2012-10-31 |
622 |
679 |
|
|
|
|
|
St Petersburg 2013-10-31 |
420 |
440 |
|
St Petersburg 2012-10-31 |
495 |
580 |
|
|
|
|
|
Panama Canal 2013-10-31 |
608 |
675 |
|
Panama Canal 2012-10-31 |
627 |
765 |
|
|
|
|
|
Busan 2013-10-31 |
635 |
722 |
|
Busan 2012-10-31 |
649 |
814 |
|
|
|
|
|
Fujairah 2013-10-31 |
620 |
740 |
|
Fujairah 2012-10-31 |
616 |
- |
All prices stated in USD / Metric Ton
All time high Brent = $147.50 (July 11, 2008)
All time high Light crude (WTI) = $147.27 (July 11, 2008)
|
Product |
Close Oct. 30 |
|
Light Crude Oil (WTI) |
$96,77 |
|
Brent Crude Oil |
$109,86 |