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  • 2015 March 19 18:00

    Bunker prices likely to remain volatile, but may end next week lower

    The Bunker Review is contributed by Marine Bunker Exchange

    Brent crude oil slipped below $54 a barrel on bigger than expected oil stocks in the U.S. though losses were limited on a weaker dollar as the Federal reserve signaled a slower pace of interest rate hike.

    On Thursday Brent crude oil futures for May fell $1.32 to $54.59 a barrel and U.S. WTI crude oil futures for April shrunk $1.76 to $42.90 a barrel by 12.50 GMT after jumping as much as six percent in the previous session.

    The harsh reality of huge inventories and oversupply of crude oil is continuing to push oil prices further down. It want be long until the WTI will pass $40 a barrel meanwhile the Brent will follow with a spread between the two of plus $7 -10 a barrel.

    Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.865 million barrels to 54.4 million barrels, a record since the EIA began tracking inventories.

    Adding to the oversupply of oil, China the world’s second largest oil consumer could trim oil purchases as its petroleum reserves reach capacity and oil refiners cut production. Still, some support for crude oil prices could be seen from India which is set to import 8 million barrels of Iraqi oil to fill its first strategic petroleum reserve, taking advantage of cheap prices.

    OPEC, which supplies about 40 percent of the world’s crude, pumped 30.6 million barrels a day in February, exceeding its target of 30 million barrels for a ninth consecutive month.

    Non-OPEC supply grown by 6 million barrels a day since 2008, while productions by members of the Organization of Petroleum Exporting Countries have remained at about 30 million barrels.

    Algeria’s oil minister met with his Angolan counterpart and Nigeria’s ambassador to Algiers to discuss an initiative by Algerian President Abdelaziz Bouteflika to increase dialogue between oil exporters, members and non-members of OPEC, and to restore balance to the oil market. – It is obvious that the low oil prices are starting bite, and will continue as long as today’s production level persists.

    For the coming week again the forecast is that bunker prices will continue its volatility – one day up and next day down, but probably more down than up.

    *  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 December 8

10:29 ABP opens Vancouver Timber Terminal at the Port of Kings Lynn
10:10 Sea Port of Saint-Petersburg introduced unified digital system of production control
09:59 The Georgia Ports Authority to expedite 1.6M TEUs of on-terminal capacity by June
09:46 MABUX: Bunker prices may continue upward changes on Dec.8
09:28 Baltic Dry Index as of December 7
09:11 Crude oil market sees downward price correction

2021 December 7

18:15 Ernst Russ AG to acquire further shares in a Fleet Holding Company
17:59 Kuzey Star Shipyard holds steel cutting ceremony for Atomflot’s new floating dock
17:36 Stena Line expands and launches new route between Stockholm Norvik and Hanko
17:15 Boskalis consortium secures EUR 24 million research grant to advance emission-free shipping
16:45 New report highlights regional economic importance of Ports of Stockholm
16:33 LAS Admiral Panteleev of RF Navy’s Pacific Fleet started transition to Vladivostok from Indonesia after participation in ARNEX-2021
16:15 Angola starts CLOV Phase 2 project
15:50 Rosneft signed contract with Indian Oil for supplying up to 2 mln tons of crude oil to India
15:45 Strategic Marine wins additional order for new 42m Fast Crew Boat from Centus Marine
15:27 Ships of RF Navy and Egypt Navy start naval phase of Bridge of Friendship 2021 joint exercise
15:03 Wärtsilä partners with Microsoft to strengthen their Edge platform and industrialise Marine IoT
14:41 NOVATEK and RWE sign MOU on decarbonization and LNG
14:23 ABS grants Alfa Laval the marine industry’s first approval in principle for firing boilers with methanol
14:08 Nonius Engineering supports International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
13:50 Cox Marine collaborates with clean maritime consortium to demonstrate world-first diesel-hydrogen outboard
13:22 The leading Russian supertrawler for the Russian Fishery Company has successfully inclined
12:36 Throughput of Rostov-on-Don port in 11M’2021 fell by 15%, year-on-year
12:14 Stena Line to open new daily route to Finland
11:49 Russia joins the Nairobi International Convention on the Removal of Wrecks
11:12 Exports of Sibanthracite Group to India in 2021 to total 3.5 million tonnes of coal and anthracite
11:00 Long Beach and Los Angeles keep ‘Container Dwell Fee’ on hold until Dec. 13
10:51 DSV launches Green Logistics to accelerate the green transition of the industry
10:47 Throughput of Taganrog port in 11M’2021 fell by 2% Y-o-Y
10:24 Average spot market price for Russian M100 product fell to RUB 25,252 pmt
10:06 Flag-raising ceremony held on Norvezhskoye More trawler, first serial factory ship of KMT01 design
09:45 MABUX: Global bunker indexes to turn to firm upward trend on Dec. 07
09:28 Baltic Dry Index as of December 3
09:13 Crude oil prices continue rising

2021 December 6

18:37 The Port of Bergen changes the name of the Hurtigruten terminal
18:22 Preliminary results of Volga Basin cargo traffic – 41.39 million tonnes
18:14 Equinor invests in battery storage company
17:55 ENGIE and Masdar form US$5 billion strategic alliance to drive UAE’s green hydrogen economy
17:38 Moody’s upgrades Global Ports’ rating to Ba1 with stable outlook
17:16 Solstad Offshore announces long-term contracts in Brazil
16:44 Port of HaminaKotka cargo turnover in 11M’2021 fell by 1.5%
16:20 TezMedz and Tabiyat.pk signs contract with Maersk for integrated cold chain solutions
16:05 “K” Line obtains VSPS regarding Australian quarantine for car carrier
15:55 LR and InterManager share new insights into the causes of lifeboat accidents
15:50 Sea Port of Saint-Petersburg upgrades its infrastructure
15:14 Diana Shipping announces the acquisition of a resale new-building Capesize dry bulk vessel
14:57 Arctia’s IB Otso sets off for the Bay of Bothnia as the season’s first icebreaker
14:35 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14.2% in 2021
14:03 Jan De Nul receives the transport & installation for Vesterhav Nord & Syd wind farm in Denmark
13:48 Onezhsky Shipyard lays down sixth crab catching ship for Russian Crab Group
13:16 DOTr, PPA unveil P316 million Zamboanga port expansion
12:42 Cargo transportation by Volga-Don Canal decreased by 10.6% in navigation season 2021
12:14 New technology risks must be tackled despite decade of progress in ship safety, warns DNV
11:57 Сruise ship Peotr Veliky made first technological voyage
11:38 Mohammed bin Rashid and Mohamed bin Zayed launch UAE Rail Program
11:14 IAA PortNews’ summary of previous week news
10:51 MABUX: No firm trend on Global bunker market on Dec 06
10:20 New shipyard for large-capacity facilities should be built in Russia – opinion
09:29 Crude oil market sees recovery of prices
09:12 Baltic Dry Index as of December 3