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  • 2015 November 13 09:01

    Bunker prices to edge down next week

    The Bunker Review is contributed by Marine Bunker Exchange

    Brent crude oil prices hit their lowest since late August on Wednesday on worries about growing U.S. stockpiles that could put pressure on oil prices.

    American Petroleum institute data showed U.S. crude stockpiles jumped last week in a seventh week of builds. The build was also above forecasts by analysts in a Reuter’s poll. The U.S. Energy Information Administration issues official inventory data on Thursday.

    Brent is trading at $45.07 per barrel down 74 cents and WTI is at $42.18 per barrel down 75 cents at GMT 14:50 on Thursday.

    Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of Petroleum Exporting Countries (OPEC).

    Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crises, the organization said in a report. Slowing non-OPEC supply and rising demand for winter fuels could help alleviate the current overhang, enabling a recovery in prices, it said. The group’s own production slipped last month because of lower output in Iraq.

    “The build in global inventories is mainly the result of the increase in total supply outpacing growth in world oil demand,” OPEC’s Vienna based research department said in its monthly market report.

    OPEC ministers will meet on Dec. 4 in Vienna to review their current policy. While some members such as Venezuela have recommended changing strategy to support prices, OPEC Secretary-General Abdalla El-Badri said on Monday that the supply and demand is on track to rebalance next year.

    OPEC is trying to convince the world that demand will be better next year and beyond, but right now the world is facing a “heck of a glut”, and that glut will persist a long time at present over-production level. The big three, OPEC, U.S. and Russia must get together and solve the huge oversupply problem. That everybody is protecting their market share sounds strange and plus selling at far too low prices, and at the same time depleting their sources for a cost far below normal market value.

    Oil prices have lost about 50 percent in the past year as several OPEC members pumped near record levels. Year 2009 OPEC implemented record production cuts; this time the group has signaled it won’t pare supplies to balance the global market.
     
    For the coming week we expect bunker prices to edge downward.


    *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)


2022 January 26

12:01 DNV selected to lead “pioneering" ammonia bunkering safety study in Singapore
11:32 Superyacht Phi delivered to ABS class
11:23 Smart Ports Russia 2022 to bring together ports and terminals in Moscow
10:58 KN transhipped the first bulk bitumen to a tanker
10:58 Port Houston annual TEUs set record with 15 percent growth
10:37 CIMAC World Congress is postponed to June 2023
10:01 Klaipeda Port handled 45.6 million tonnes of cargo in 2021
09:53 KCC signs pilot agreement for Yara Marine’s ‘FuelOpt’ energy efficiency system
09:39 Baltic Dry Index as of January 25
09:18 Crude oil prices start decreasing
08:33 MABUX: Global bunker market compensates losses from the day before

2022 January 25

18:10 Ports of Los Angeles & Long Beach postpone Container Excess Dwell Fee
17:55 Joint Russian-Chinese naval exercise Peaceful Sea-2022 took place in the Arabian Sea
17:36 Broad scope of Wärtsilä power solutions selected for gas-fuelled ferry trio
17:26 ICTSI's Cavite Gateway Terminal beefs up operations
17:04 BLRT Grupp is constructing a unique floating exhibition centre for Norway
16:45 Port of Los Angeles launches first-of-its-kind cyber resilience center
16:25 IDFA, Port of Los Angeles, and CMA CGM form joint initiative to advance U.S. dairy exports
15:52 MOL announces the world's first successful sea trial of autonomous sailing on a commercial container ship voyage
15:13 Damen commissions Rolls-Royce business unit to supply automation solutions for German Navy’s F126 frigates
15:02 Valenciaport and COSCO collaborate in the automation of the delivery of container seals
14:41 Flag-raising ceremony held on Sibir, first serial nuclear-powered icebreaker of Project 22220
14:02 7.6 million tonnes of goods handled in record quantities at the Port of Kiel
13:36 Glavgosexpertiza approves installation of NSR maritime distress safety system at “Dickson” station
13:12 European shipowners support EU parliamentary proposal on commercial operators and a sector-dedicated fund
12:54 Damen signs up ERMA FIRST to supply world’s smallest Ballast Water Treatment System
12:30 TotalEnergies launches Port of Marseille Fos’ first ship-to-containership LNG bunkering operation
12:11 OOCL posts results for 2021
11:24 RF Accounts Chamber found Russian IWW potential not to be used in full
11:00 European Parliament proposed amendments to EU ETS put Green Deal goals at risk, says World Shipping Council
10:17 Saimaa Canal Commission grants permit to Transport Infrastructure Agency for construction in Saimaa Canal lease area
09:43 Baltic Dry Index as of January 24
09:28 Crude oil prices continue moderate increase
09:15 MABUX: Global bunker prices to trend lower on Jan 25

2022 January 24

18:22 Nakilat takes delivery and management of fourth LNG carrier newbuild
18:09 CMA CGM and TotalEnergies launch Port of Marseille Fos’ first ship-to-containership LNG bunkering operation
17:55 Detachment of RF Navy’s Baltic Fleet went to sea to fulfill tasks of long-distance campaign
17:32 Raiffeisenbank opens USD 20 million credit facility for Sea Port of Saint-Petersburg
17:13 GTMaritime guide sets out future of maritime communications
16:50 Glavgosexpertiza approves construction of coal terminal Port “Vera” in Primorye
16:29 Salus Technical introduces its the cloud-based software Bowtie Master
15:58 Tersan shipyard lays down trawler for Magadan based fishing company Tikhrybkom
15:11 Wärtsilä hits methanol milestone with first newbuild engine order
14:30 Sea Port of Saint-Petersburg to take delivery of over 40 units of handling equipment and one 63-tonne crane in 2022
14:01 Dogger Bank announces supplier events for O&M phase
13:44 BW Offshore signed an agreement for the sale of the FPSO BW Joko Tole
13:21 Loko-Bank shareholder increased his share in FESCO to 26.52%
13:07 Royal Dutch Shell plc changes its name to Shell plc
12:44 FESCO increases number of transit container trains from CPV almost twice in 2021
12:23 EdgeTech rolls out the 6205s2 Swath Bathymetry & Side Scan Sonar System
12:18 PGS secures Northern Lights CO2 storage acquisition contract
11:52 Maersk Drilling secures 21-month contract with TotalEnergies
11:17 Second episode of a creative multimedia project named The Ecologist was launched in cooperation with Van Oord
10:49 Heerema announces contract with McDermott for Saudi Aramco’s Marjan Increment Program
10:42 Eastern Shipbuilding completes major infrastructure improvement project to support OPC program
09:28 Crude oil prices rise as demand increases
09:11 Baltic Dry Index as of January 21
08:37 MABUX: No firm trend on Global bunker market on Jan 24

2022 January 23

14:29 Record figures in Polish ports
13:52 Coast Guard to close southern Green Bay for commercial traffic