• 2019 April 16 09:51

    MABUX: Bunker market this morning, Apr.16

    The Bunker Review was contributed by Marine Bunker Exchange

    Oil rally stalls on talk of OPEC+ boosting output

    Oil prices halted their rally on Monday, with both benchmarks down nearly 1 percent, after Russia’s finance minister said Russia and OPEC may decide to boost production to fight for market share with the United States, where output remains at record highs.

    Losses were limited by a tightening of global supplies, as output has fallen in Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the threat that renewed fighting could wipe out crude production in Libya.

    Brent crude futures ended the session at $71.18 a barrel, down 37 cents, or 0.5 percent, having earlier slid below $71. Brent hit its highest since Nov. 12 on Friday at $71.87.

    U.S. West Texas Intermediate crude futures fell 49 cents, or 0.8 percent, to settle at $63.40 per barrel.

    Oil prices have been lifted by more than 30 percent this year, mainly due to a deal by the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, to curb by 1.2 million barrels per day from Jan. 1 for six months. The group will meet in June to decide whether to continue withholding supply.

    Russian Finance Minister Anton Siluanov said over the weekend that Russia and OPEC may decide to boost production to fight for market share with the United States, but this would push oil as low as $40 per barrel.

    “There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?” Siluanov, speaking in Washington, said, TASS reported.

    “(If the deal is abandoned) the oil prices will go down, then the new investments will shrink, American output will be lower, because the production cost for shale oil is higher than for traditional output.”


    Today's morning start
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    Oil prices extend losses as oversupply worries drag

    Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.

    “There is a growing concern that Russia will not agree on extending production cuts and we could see them officially abandon it in the coming months,” said Edward Moya, senior market analyst, OANDA.

    The Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply. That comes after they previously agreed to crimp output by 1.2 million barrels per day (bpd) from Jan. 1 for six months.

    Ballooning shale oil output in the United States has also helped rein in benchmark crude prices.

    “Rising U.S. shale output has ... imposed headwinds for oil prices,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.

    However, losses in oil prices were checked by tighter supplies from Iran and Venezuela amid signs the United States will further toughen sanctions on those two OPEC producers, and on the threat that renewed fighting could wipe out crude production in Libya.

    Oil Future close 15th April:
    Brent: $71.18(-0.37)pbr
    WTI: $63.4(-0.49)pbr
    MGO: $629.75(-3.25)/mton
    NY Harbor Ulsd: $634.5(-2.99)/mton

    Oil Futures trading at GMT: 06.17; Brent:-26 cents, WTI:-10 cents
    Present tendency downward.

    Expect bunker prices to drop 3 usd/mton for all Fuel Oil as well as for MGO and NY Harbor Ulsd. All price estimations are from Oil Future close last night.

    Forecast for tomorrow is showing a slight downward trend.




2020 September 22

18:24 FESCO launches new maritime service from ports of China and USA to Chukotka
18:06 Aker Solutions wins electrification work for Lundin Energy Norway
17:49 Onezhsky Shipyard launches yet another self-propelled hopper barge of Project NV-600
17:36 DNV GL – Maritime releases the fourth edition of its Maritime Forecast to 2050
17:15 KNUD E. HANSEN introduces new design of icebreaking expedition cruise vessel
16:56 Vyborg Shipyard lays down processing trawler of KMT02.03 design
16:35 "NextGEN" shipping decarbonization concept mooted for green and efficient navigation
16:19 USC and KOMEA create Russia-Korea shipbuilding and ship equipment cluster
16:05 Hopper Dredger First to Sail 2,000 Hours on 100% Sustainable Marine Biofuel
15:34 Boudewijn Siemons appointed as new Port Authority COO
15:10 The largest LNG-powered container ship joins CMA CGM Group's fleet
14:58 Lead nuclear-powered icebreaker of Project 22220, the Arktika, heads out for Murmansk
14:23 Release of containers at Port of Antwerp will be digitalized
14:17 Gazprombank to loan EUR 522 for construction of floating LNG storage units
13:22 Konecranes to start cooperation negotiations in Germany and Finland in its Industrial Equipment business area
13:00 Ships of RF Navy’s Black Sea Fleet participated in Kavkaz-2020
12:38 Bunker market sees mixed price movements in the Far East ports of Russia (graph)
12:15 Dogger Bank wind farm places record-breaking turbine order boosting local jobs
11:49 BIMCO adopts the industry’s first ship sale and leaseback standard
11:46 Operation of Novosibirsk gateway completed in navigation season of 2020
11:20 Rosmorport prepares tender documentation to continue construction of international marine terminal in Pionersky
10:33 IAA PortNews’ webinar “All Ferries. Caspian Basin” scheduled for 30 September 2020
10:09 Port Houston container volumes down 4% to 248,630 TEUs in August 2020
09:55 New gas tanker form paves the way for revision of ASBATANKVOY
09:31 Oil prices are recovering
09:22 Keppel O&M secures two contracts worth approximately $200 million
09:14 Baltic Dry Index as of September 21
08:38 MABUX: Bunker market this morning, Sept 22

2020 September 21

18:27 CMA CGM announces new PSS, FAK and GRR from Asia to North Europe
18:07 IUMI reports that marine cargo insurance market is “improving amid significant change”
17:43 BIMCO adopts the industry’s first ship sale and leaseback standard
17:21 CMA CGM Group launches “A Humanitarian Ship for Lebanon” campaign to ship emergency humanitarian aid
17:21 USCG prepares for storm, coastal flooding along Texas coast
16:37 Fire on fast rescue craft onboard the M/V Siem Diamond
16:14 LR and the NPL partner on marine autonomy assurance
15:56 FESCO’s container train links Saint-Petersburg and Vladivostok
14:45 Point system developed in Russia for estimation of local content in shipbuilding
14:10 Nakilat transitions LNG Al Rekayyat to in-house management
13:33 Average spot market price for Russian M100 product fell to RUB 12,512 pmt
13:04 Work commences on Phase-2 wharf revetment and land reclamation at Port of Kaohsiung's 7th Container Terminal
12:59 Algeciras, Amsterdam, Lisbon and Puertos del Estado shortlisted for 12th ESPO Award
12:22 Towing of seagoing tugboat Andrey Stepanov along Northern Sea Route completed
12:01 Fincantieri launches the first patrol vessel for Qatar
11:00 BeHydro dual-fuel hydrogen engine awarded Approval in Principle by LR
10:39 Remote audits discussed to avoid further disruption to audit schedule
10:02 Philippine Ports Authority launches COVID-19 contact tracing system for all port users, community
09:41 Oil prices are slightly up
09:23 MABUX: Bunker market this morning, Sep 21
09:08 Baltic Dry Index as of September 18

2020 September 20

16:27 Innovative vacuum cleaner removes plastic from nature reserve in the port of Antwerp
15:33 Master and chief engineer plead guilty in MV Funing case
14:07 World’s largest LNG bunkering vessel arrives in Rotterdam
12:38 Austal Australia delivers 7th GCPB
11:14 ABS to class another four VLEC for Zhejiang Satellite Petrochemical
10:49 MBZ and Boluda Towage Europe ink the 5-year concession agreement for providing sustainable towage service in the Port of Zeebrugge

2020 September 19

15:04 Vroon to recycle three PSVs
14:11 Limited openings at Erasmus Bridge for tall vessels
13:46 The construction of Finnnline's second hybrid ro-ro vessel started
12:33 USCG offloads estimated $216 million of cocaine, marijuana at Port Everglades
11:17 New Maritime Minister visits Port of Southampton