• 2015 April 2 20:49

    Bunker prices movement depends on Iran nuclear talks outcome

    The Bunker Review is contributed by Marine Bunker Exchange www.mabux.com

    On Wednesday West Texas Intermediate (WTI) advanced the most in two months in New York after government report showed that U.S. crude output dropped from the highest level in more than three decades. Production dropped 36 000 barrels a day to a new lower total of 9.39 million barrels per day. That’s down from 9.42 million from March 20, the highest daily production since January 1983.
    Driller cut the number of rigs seeking oil in the U.S. last week to the fewest since March 2011. There is no doubt the pace of U.S. production is going to slow down.

    WTI increased on Wednesday to $2.49, or 5.2 percent, to close at $50.09 a barrel on the New York Mercantile Exchange (NYMEX) and Brent settlement climbed $1.99, or 3.6 percent, to end the session at $57.10 a barrel on the London based Intercontinental Exchange (ICE). Brent closed at a $7.01 premium to WTI.

    The shale oil production will continue to drop because of the decrease in drilling activity. These shale wells have steep decline rates and the drilling rate isn’t high enough to maintain the high output.

    Negotiations on Tehran’s disputed nuclear programme have stretched well beyond a self-imposed March 31 deadline, with diplomats saying the chances of a preliminary accord in the next few hours are finely balanced. Tehran is hoping for a deal that will end crippling economic sanctions and allow it to sell millions of barrels of oil, some of it stored at sea in supertankers and ready for delivery. Due to the optimism in Lausanne oil price dropped more than 3 percent on Thursday as officials from the big global powers stayed locked in nuclear talks with Iran that, if successful, could allow the Islamic state to release more crude oil onto an already oversupplied market. Investors seem to have taken a view that there will be a deal and the market will be even more oversupplied than it already is and the price drop is likely to accelerate further down.

    Oil prices were on Thursday at GMT 14.30 – Brent $55.57 down $1.53 a barrel and WTI $48.95 down $1.14 a barrel.

    For next week if an agreement can be reached between Iran and the big western nations plus Russia and China, bunker prices are most likely to drop, if not the volatile market will continue.

    *  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)


2020 August 3

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14:18 Ust-Luga Company wins the Ust-Luga Cup 2020
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2020 August 2

16:03 Kirby Corporation announces 2Q, 2020 Results
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2020 August 1

14:21 U.S. appoints coordinator for the Arctic Region
13:14 CMA CGM announces GRR for Asia-West Africa trade
12:44 Polarcus awarded 3D project in Asia Pacific
11:31 Pacific Basin announces 2020 interim results
10:53 EBRD supports decarbonisation of energy sector in Cyprus

2020 July 31

18:26 Fincantieri BOD approves 1H 2020 results
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17:36 Holland America Line changes name of newbuild to Iconic Rotterdam and designates it the new flagship
17:07 October Revolution Shipyard rolls out small seiner for a Kamchatka fishing company
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16:05 Cox production diesel outboards make their way to North America
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14:42 USCG medevacs mariner 35 miles offshore Freeport, Texas
13:44 OOCL announces new China Indonesia Philippines service
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12:10 McNetiq launches new magnetic anchors for fall protection
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10:00 DP World Komatipoort becomes the first dry port east of Gauteng
09:46 Baltic Dry Index as of July 30
09:32 Crude futures prices climb
09:08 EMSA and ECDC issue guidance in response to COVID-19 challenges
08:51 Bunker Market this morning, 31st July, 2020
08:46 Australia bans bulk carrier TW Hamburg for wage exploitation

2020 July 30

18:24 DP World volumes down 3.9% in 1H2020
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17:23 Association of River Ports and Ship Owners celebrates its 25th anniversary
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14:17 MABUX Weekly Viewpoint