• 2015 March 12 17:57

    Bunker prices to stay on mixed trend next week, expert says

    The Bunker Review is contributed by Marine Bunker Exchange

    Brent oil futures rose above $58 a barrel on Thursday as the dollar weakened and Iraqi security forces battled Islamic State fighters in Tikrit.

    A weaker dollar on Thursday is pushing prices upward, but supply glut remains and will probably continue for some time but for how long is impossible to say, but if the same situation remains i.e., Saudi Arabia wants to protect their market share only and not showing any interest in protecting the oil price, the low price level will continue for long, but eventually the Saudi Arabia will probably act. There is still a significant oversupply and the market players are still more for a decline of oil prices than an increase.

    But on Thursday the unrest in the Middle East is at the same time supporting higher prices. Iraqi security forces and mainly Shi'ite militia exchanged fire with Islamic State fighters in Tikrit on Thursday, a day after pushing into Saddam Hussein's home city in their biggest offensive yet against the militants.

    Seven months ago the giant tanks in Cushing, Okla., the largest crude oil storage hub in North America, were three-quarters empty. After spending the last few years brimming with light, sweet crude unlocked by the shale drilling revolution, the tanks held just less than 18 million barrels by late July, down from a high of 52 million in early 2013. New pipelines to refineries along the Gulf Coast had drained Cushing of more than 30 million barrels in less than a year. - As quickly as it emptied out, Cushing has filled back up again. Since October, the amount of oil stored there has almost tripled, to more than 51 million barrels. As oil prices have crashed, from more than $100 a barrel last summer to below $50 now, big trading companies are storing their crude in hopes of selling it for higher prices down the road. With U.S. production continuing to expand, that’s led to the fastest increase in U.S. oil inventories on record. As of March 11, nationwide stocks were at 449 million barrels, by far the most ever.

    Brent for April delivery was up 70 cents at $58.24 at 1050 GMT, after gaining $1.15 during the previous session in a rebound from a one-month low. West Texas Intermediate climbed 31 cents to $48.48 a barrel, after closing the previous session down 12 cents. The April contracts for Brent and WTI expire next week.

    For the coming week again the market believes bunker prices will continue its volatility one day up and next day down.

    *  MGO LS
    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)


2021 July 24

15:02 Union Pacific reports 2Q 2021 results
13:29 Major £10M project aims to unlock untapped potential of ocean renewable energy fuels
12:37 LR: Turning to technology to tackle container ship fires
11:14 Survitec enhances lifeboat inspection solution to deliver savings and flexibility for ship operators

2021 July 23

18:27 EBRD and Ukraine boost low-carbon hydrogen development
18:03 ROSATOM and GDK Baimskaya LLC sign agreement to jointly supply energy to Baimsky plant
17:58 Van Oord signs contract with the Spanish energy company Iberdrola for the Baltic Eagle offshore wind farm
17:50 Chantiers de l’Atlantique completes installation of EGCS on three MSC Cruises vessels
17:41 ROSATOM and Aeon Corporation agree to Arctic shipping cooperation
17:32 RWE, Shell, Gasunie and Equinor sign a declaration of intent on the AquaSector project
17:18 Rosatom and DP World sign Cooperation Agreement
16:55 RosGeo eyes exploration of solid mineral deposits in the Persian Gulf
16:32 Learn the latest global LNG trends with LNGcon 2022
16:30 ROSATOM and Moscow State University’s Marine Research Centre sign cooperation agreement on environmental impact assessment in Arctic
16:07 Rosatom expects transit cargo flow along NSR to reach 20-30 million tonnes per year by 2030
15:39 ROSATOM and Nornickel sign supplementary agreement on icebreaker accompaniment
15:01 Sea Port of Saint-Petersburg handled 4.1 million tonnes of cargo in H1’21, up 12% YoY
14:36 Recovery of investments in offshore geological exploration not expected by RosGeo before 2022
14:14 Wärtsilä to provide thrusters for two Chinese wind farm turbine installation vessels
13:40 RosGeo: Deposits in shallow waters and estuaries should be taken into account when developing Arctic resources
13:12 A deep sea mineral riser system reviewed by ABS in an industry first
12:48 Nornickel set to expand and upgrade Dudinka port
12:11 Maersk changes the logistics landscape in Bulgaria and launches intermodal weekly service connecting Burgas to Plovdiv and Sofia
12:09 Ningbo Containerized Freight Index rises in July 2021
11:43 Vietnamese Navy ships arrived in Vladivostok to participate in Russian Navy Day celebration
11:11 GTT receives orders for the tank design of two new LNG сarriers
11:07 Integrated drill of emergency response teams conducted at CPC Marine Terminal near Novorossiysk
10:45 Alexei Rakhmanov: USC saved nearly RUB 18 billion in 2021 through cost optimization
10:24 Baltic Dry Index as of July 22
10:06 Crude oil market sees downward price correction
09:48 Russian Maritime Register of Shipping supports the 4th International Conference “Development of Icebreaking and Support Fleet”
09:30 China ports container volume rises 15% in first half of 2021
09:27 Alexei Rakhmanov: USC is set to open up routes that do not depend on foreigners
09:09 Sea Port of Saint-Petersburg handles high-speed train intended for Uzbekistan Railways
08:40 MABUX: Global bunker prices may continue firm upward trend on Jul.23.

2021 July 22

19:00 Northern Sea Route cargo traffic rose by 2.59% to 17,047,282 tonnes YTD
18:35 Equinor Brasil Energia awarded a contract to Floatel Victory
18:05 Solstad Offshore ASA announces new contract for the CSV Normand Jarstein to DeepOcean AS
17:55 Manila Harbor Center aids PH Coast Guard’s substation project
17:25 Suek AG supramax vessel Kumpula to sail through Northeast Passage
17:05 US FMC establishes Ocean Carriers Audit Program
16:25 Survitec enhances lifeboat inspection solution to deliver savings and flexibility for ship operators
16:05 RINA and SWS mark a new era in Cruise shipbuilding in China
15:27 Multipurpose Reloading Complex in Ust-Luga handled 2.24 million tonnes of coal in H1’21, up 4% YoY
15:22 DBS partners maritime players and MPA to complete Singapore’s first live bunker delivery financing pilot with digital bunker delivery note
15:11 Two new hybrid LNG-electric ships join to the Brittany Ferries fleet
15:05 Second batch of oversize equipment for Amur GCC reloaded in De-Kastri
14:42 CMA CGM to launch a new Indian Ocean feeder service
13:21 DCT Gdańsk Welcomes New CEO – Charles Baker
13:20 Port of Rotterdam posts H1 2021 results
12:58 Seven entities interested in investing in Port Gdański Eksploatacja
12:03 Shipping industry announces international decarbonisation conference at COP26
11:03 Boskalis awarded contract for deepening the approach channel to harbor of Harwich, UK
10:29 Transport Canada issues new Ballast Water Regulations
10:24 Rosmorport completes repair dredging at Vostochny seaport
09:53 Crude oil market sees downward price correction
09:36 IAA PortNews opens registration for 4th International Conference “Development of Icebreaking and Support Fleet”
09:22 Baltic Dry Index as of July 21
08:31 MABUX: Global bunker prices may continue firm upward evolution on Jul 22

2021 July 21

18:30 MSC Cruises restart its activity in the Port of València