• Home
  • News
  • Bunker market prices still lack any clear direction, expert says
  • 2016 March 31 15:58

    Bunker market prices still lack any clear direction, expert says

    The Bunker Review is contributed by Marine Bunker Exchange

    Global fuel market did not have any firm trend during the week. Fuel prices are still being supported by speculation that the global surplus will ease as U.S. output declines and major producers including Saudi Arabia and Russia discuss capping output. Iran has agreed to attend production-freeze talks on April 17 in Doha, Qatar without joining the proposal to freeze production.

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO at the main world hubs) in the period Mar. 25 – 31 insignificantly declined:

    380 HSFO - down from 164,64 to 163,50 USD/MT (-1,14)
    180 HSFO - down from 208,57 to 206.71 USD/MT (-1,86)
    MGO         - down from 401,79 to 393.43 USD/MT  (-8,36)


    Members and non-members from the Organization of the Petroleum Exporting Countries (OPEC) are due to meet in the Qatari capital Doha on April 17 to discuss the plan. So far, 10 countries have confirmed their attendance at the meeting, with only OPEC-member Libya saying it will not attend.

    U.S. data last week showed inventories rose 2.3 million barrels (that was less than the 2.6-3.3 million-barrel build forecast had expected).  Crude production fell by 16,000 barrels a day to 9.02 million, the lowest since November 2014. Rigs targeting oil in the U.S. also fell by 15 to 372, the lowest since 2009,. More than 150 have been parked since the start of the year.  U.S. refineries operated at 90.4% of capacity last week. U.S. shale oil production in April is expected to record its second-largest monthly decline on record at around 106,000 barrels per day.

    Federal Reserve Chair Janet Yellen reasserted this week the central bank’s gradual approach to raising interest rates. However the regulator remains wary of raising rates amid threats to American growth from a slowing global economy and so it would act cautiously. Yellen indicated that Fed members take into account the global context more than regional officials. A June rate hike would be difficult as global financial turmoil earlier this year affects the real economy with a time lag. The chance of a move by the end of 2016 has declined to 64 percent, from 73 percent at the end of last week.

    China's refined fuel stocks at the end of February were up 17.3 percent from the pre-vious month to their highest level in four years, while commercial crude oil stocks were up 1.1 percent.

    There are also signs that India may replace China as the center of the world’s oil demand growth as its economy expands faster than any other major country. The economy is estimated to grow 7.6 percent in the year ending this month, the highest among emerging markets. Forecast predicted India will consume 4.2 million barrels a day of oil this year, surpassing Japan’s 4.1 million barrels. The nation’s consumption grew by 300,000 barrels a day last year, double the average rate in the previous decade.

    All in all, the fundamentals on the world fuel market remain unchanged while the forthcoming meeting (Apr.17) to discuss capping output may have some potential to set up firm support to the fuel prices. We do not expect any drastic changes in bunker prices next week: irregular fluctuations 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)





2022 December 2

18:25 Queues to pass through Bosporus Strait worse than past year - Lloyd's List Intelligence
18:07 e1 Marine, NAVTEK partner to develop hydrogen-powered car carrier vessel - H2 View
17:59 IAA PortNews’ summary of past week news
17:40 MacGregor introduces an electric transloading crane to complete the electric crane series
17:21 Wartsila to act as system integrator for Binary Marine Installation Solution
17:00 Nuclear-powered icebreaker Ural of Project 22220 leaves Murmansk for the first operational voyage
16:52 The ports in Szczecin and Swinoujscie cargo transshipments up by 9.4 percent in Jan-Nov 2022
16:24 GTT receives two orders from Samsung Heavy Industries for the tank design of seven new LNG сarriers
15:53 15 empty containers at Keppel Terminal in the port of Singapore fall into the water due to squall 
15:46 Krasnoye Sormovo may be contracted for building river/sea class ships for Belarussian companies
15:29 Hyundai Heavy Industries Group to present 'ocean transformation' plans at CES 2023
15:07 Demand for Eastern Polygon traffic to exceed capacity by 70-80 million tonnes after 2025 - expert
14:58 Deal to resume Russian ammonia exports via Ukraine close – Reuters
14:24 Freeport LNG delays restart target to end of year amid US regulatory hurdles - S&P Global
13:55 FSUE Rosmorport supports 6th Hydraulic Engineering and Dredging Congress as its General Partner
13:13 Giant wave kills passenger and injures four on new Viking cruise ship - TradeWinds
12:56 Aker BP’s Board approves field development projects
12:31 Waiting list for civil ship repair in Arkhangelsk Region is 2‒3.5 years long
11:52 Indian port operator orders three Generation 6 Konecranes Gottwald Mobile Harbor Cranes to electrify bulk handling
11:35 LR authorised to carry out certification activities for non-SOLAS ships in Italy
11:26 A batch of reefer containers delivered to Vladivostok Sea Fishing Port
11:03 Singapore and Netherlands accept IMO Convention amendments
10:58 Accelleron launches new all-inclusive service agreement for auxiliary engine turbochargers
10:35 Sempra announces sale and purchase agreement with INEOS for Port Arthur LNG Phase 1
09:44 Winter-spring navigation season begins on the Northern Sea Route
09:40 NYK concludes investment and strategic partnership agreements with Pertamina
09:15 Rosmorport receives new certificate of conformity of Novorossiysk VTS

2022 December 1

18:07 Plans for increased gas extraction from Oseberg approved
17:56 Court confiscates FESCO shares owned by Ziyavudin Magomedov
17:23 ClassNK issues AiP for a dual fuel generator engine using hydrogen gas as fuel
16:57 New supply chain R&D project aims to revolutionise zero-emissions shipbuilding
16:35 KSOE wins 399.9 bln-won order for 2 ethane carriers - Yonhap
16:27 Eurochem held public hearings on engineering communications project for methanol plant in Leningrad Region
15:03 Unionized workers at the three shipbuilders of Hyundai Heavy Industries to go on joint strike - BusinessKorea
14:39 Adjustment is planned for construction schedule and cost of CNF11CPD ferries for Vanino-Kholmsk line
14:15 Road access to Brazil's busiest Paranagua port cut off by landslide - Reuters
14:08 MABUX: Bunker Weekly Outlook, Week 48, 2022
14:03 Anemoi renews Rotor Sail testing base with Port of Blyth
13:36 ESL Shipping sells agency business in Sweden to GAC
13:18 Oboronlogistics’ ships start operating on Kaliningrad – Great Port of Saint-Petersburg line
13:12 ONE to launch a new weekly service between India and the UAE
12:56 A new first regular train connection launched from the Croatian port of Rijeka and Enns in Austria
11:50 Russian Railways' network loading in 11M’2022 fell by 3.6%, year-on-year, to 1.13 billion tonnes
11:42 King Abdulaziz Port welcomes first ever Grimaldi RoRo vessel
11:13 Shell signs agreement with Alfa Laval to develop a Gas Combustion Unit for hydrogen boil-off gas
10:34 Singapore accepts amendments to the International Maritime Organization Convention
10:13 Stena Line chooses Nowhere Networks's solution for 32 of its ships
09:39 Draft law on transportation of Russian cargo by domestic ship owners can be temporarily withdrawn from consideration

2022 November 30

18:11 duisport and VITRONIC present solution for automatic detection of containers
17:54 New report identifies pathway for £75bn for UK shipping's energy transition
17:37 RF Federation Council approved amendments into Federal Law regulating passage of foreign warships across NSR
17:23 A.P. Moller - Maersk opens integrated logistics park at Port Qasim in Pakistan
17:02 European shipowners welcome the provisional agreement on the EU ETS maritime
16:53 ABS launches a new maritime software company dedicated to fleet operations
16:28 WinGD becomes the first marine engine designer to gain cybersecurity type approval for its engine control system
16:06 Russian-Chinese trade may reach $160 billion by December - Federal Customs Service
15:56 Maritime partners orders Rix Industries’ m2h2 reformers for the world’s first methanol/hydrogen fuel cell-powered towboat
15:18 Lead processing trawler of KMT02.02 design leaves for sea trials in the Baltic Sea
14:29 Oil shipment from CPC Marine Terminal fell by 3.8% by mid-November
13:34 USC suggests that infrastructure involving berth-connected ships should be developed in the Arctic