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  • Bunker Market this morning, April 18
  • 2019 April 18 09:36

    Bunker Market this morning, April 18

    The Bunker Review was contributed by Marine Bunker Exchange

    Oil settles lower as U.S. inventories disappoint market yesterday

    Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.

    Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. However, official data from the Energy Information Administration on Wednesday showed a 1.4 million-barrel crude drawdown, about half the API’s reported decline.

    “The rally overnight was predicated on a 3 million-barrel-per-day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”

    Brent crude futures settled down 10 cents at $71.62 a barrel. During the session, the contract touched an intraday high $72.27 a barrel, the highest this year.

    U.S. West Texas Intermediate (WTI) crude futures settled down 29 cents per barrel at $63.76 a barrel. The contract touched an intraday high of $64.61 a barrel, just shy of a 2019 high of $64.79 hit last week.

    Crude continued to be supported by steady economic growth in China.

    China’s economy grew by 6.4 percent in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a U.S.-China trade deal also appears near.

    Prices have been supported this year by a pact reached by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit their oil output by 1.2 million barrels per day. Global supply has been tightened further by U.S. sanctions on OPEC members Venezuela and Iran.

    Today's Oil Market expectation

    Oil prices slip amid ample U.S. output, Brent drifts away from five-month high

    Oil prices dropped on Thursday as the impact of plentiful U.S. production offset a surprise decline in U.S. inventories, leaving international benchmark Brent retreating from a five-month high touched in the previous session.

    Brent crude futures were at $71.42 a barrel at 0235 GMT, down 20 cents, or 0.3 percent, from their last close. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov. 8 at $72.27 a barrel.

    U.S. West Texas Intermediate (WTI) crude futures were at $63.69 per barrel, down 7 cents, or 0.1 percent, from their previous settlement. WTI closed the last session down 0.5 percent.

    U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.

    "A persistent rise in U.S. oil output, together with lingering demand-side concerns emerging from the U.S.-China trade dispute, is limiting price gains," Abhishek Kumar, Head of Analytics at Interfax Energy in London. Graphic: U.S. crude inventories, weekly changes since 2017.

    The price changes have been marginal for a few days now. It is difficult to determine why the market is behaving like it does. The small price adjustments could very well be from traders clearing or adjusting their accounts to be ready for action. The market is in a waiting mood.

    The U.S. Inventory

    U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.

    “The unexpected drawdown in U.S. commercial crude oil stocks was balanced by lower-than-expected withdrawals in the country’s gasoline and distillate inventories,” Kumar said.

    Gasoline stocks fell by 1.2 million barrels, less than analysts’ expectations in a Reuters poll for a 2.1 million-barrel drop.

    Distillate stockpiles, which include diesel and heating oil, fell 362,000 barrels, also not as much as forecasts for a 846,000-barrel drawdown, the EIA data showed.

    Net U.S. crude imports fell last week by 659,000 barrels per day.

    Oil Future close 17th April:
    Brent: $71.62(-0.10) pbr
    WTI: $63.76(-0.29) pbr
    MGO: $637(+3.50) /mton
    NY Harbor Ulsd: $637.02(-4.01) /mton

    Oil Futures trading at GMT: 06.08; Brent:-5 cents. WTI: -1 cent
    Market tendency at a standstill.

    Expect bunker prices little change today based on Oil Future close last night. 




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16:07 TotalEnergies announces naming ceremony for the Brassavola LNG bunker vessel in Singapore
15:44 Hapag-Lloyd acquires terminal business of SM SAAM for USD 1 billion
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14:03 Maersk Oil Trading, METS, Mitsui and ABS develop methanol bunkering project in Singapore
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12:34 Sval Energi completes USD 1.3 billion deals
12:01 Multipurpose dry cargo ship of Project RSD34 can be fully fitted with Chinese equipment
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11:28 Sweden sends diving vessel to probe leaking Nord Stream pipelines - Reuters
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10:45 Finnish Ministry of Foreign Affairs gives a negative decision for the export license to the icebreaker ordered by Norilsk Nickel
10:24 IMO and Commonwealth Secretariat join forces for sustainable maritime development
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08:51 MABUX: Sharp upward deviation is expected in Global bunker market on Oct 04

2022 October 3

18:23 Preparing container vessels for conversion to green fuels – Maersk Mc-Kinney Moller Center
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17:49 Accelleron completes successful spin-off from ABB with shares admitted to trading on SIX Swiss Exchange
17:27 USC to commence building 60,000-dwt bulkers upon completion of Severnaya Verf modernization
17:05 Conti Seafrigo Antwerp realises new frozen food warehouse
16:05 Suez Canal Economic Zone signs contract with Agility to develop and operate a customs and logistics center
15:48 Russia not to face dredging problems on the Northern Sea Route in the coming years – Rosatom
15:24 Amogy launches operations in Norway
15:01 Rosmorrechflot expects throughput of Russian seaports in 2022 to remain flat, year-on-year
14:29 DP World launches a new strategic arm focused on supporting the growth ambitions of large companies
14:06 Performance Shipping announces agreement to acquire eighth Aframax vessel
13:49 Rosmorrechflot plans to have about 50 ships built by 2024-25
13:43 Expro completes subsea decommissioning project on Ireland’s first indigenous gas wells
13:26 Rosmorrechflot considers it necessary to shift container flows from Far East ports to southern ones
12:48 Seven new container lines opened in the Far East Basin this year
12:10 DNV and Pavilion Energy partner to bring fully digital LNG bunkering to Singapore
12:01 Russia’s drifting polar station North Pole-41 commences operation in the Arctic Ocean
11:57 Weathernews launches new service supporting ‘Greener shipping and Sea Logistics’
11:35 Solstad Offshore announces contract for PSV in Brazil
11:34 EverWind and Svitzer announce joint development of green fueled vessels
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2022 October 1

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