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  • MABUX: Bunker market this morning, Apr 20
  • 2020 April 20 08:57

    MABUX: Bunker market this morning, Apr 20

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs slightly increased on April 17:

    380 HSFO: USD/MT 237.50 (+1.73)
    VLSFO: USD/MT 275.00 (+3.00)
    MGO: USD/MT 361.15 (+0.72)


    Meantime, world oil indexes demonstrated irregular changes on Apr. 17.

    Brent for June settlement increased by $0.26 to $28.08 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $1.60 to $18.27 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $9.81 to WTI. Gasoil for May delivery added $4.50.

    Today morning oil indexes continue to slide down as producers continue to grapple with a supply glut.

    The market remain unconvinced that OPEC+’s cut of nearly 10 million barrels agreed to in early April will ease oversupply as countries continue to extend lockdowns imposed to prevent the spread of the COVID-19 pandemic, and economies contract. The output cut that supposed to see coming, isn’t sufficient to cover the 25 million to 30 million barrels of daily demand that’s being destroyed by Covid-19. There were also concerns that countries’ storage capacity is rapidly running out.

    U.S. benchmark, West Texas Intermediate, has fallen to the $15 range as global economies remain on lockdown due to the COVID-19 pandemic, crushing crude demand. To add insult to injury, global oil storage is reaching its limits. The situation is so dire, in fact, that the Department of Energy is even considering paying domestic oil producers to keep crude in the ground.

    At the same time, White House guidelines on reopening the U.S. economy and talk on what else oil titans Saudi Arabia and Russia could do for production cuts. The White House unveiled late on Apr.16 guidelines that governors of the 50 U.S. states could use in reopening businesses locked down for four weeks now in an attempt to control the Covid-19 outbreak that has infected more than 670,000 Americans and killed nearly 34,000 of them

    Saudi Arabia and Russia, meanwhile, were ready to do more to help stabilize the global oil markets. Alexander Novak and Abdulaziz bin Salman, energy ministers for Riyadh and Moscow, said in a joint statement that they will "continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary”.

    According to Baker Hughes, the U.S. oil rig count fell by 66 last week, indicating the massive production cuts undertaken by domestic oil drillers as crude prices hit near-19-year lows. Baker Hughes data showed oil rigs down to 438 last week from 504 the previous week (down 13%). Oil rigs are down by a total 245 since the week ended March 13, when there were 638 rigs. That constitutes a drop of more than 35%. The oil rig count, an early indicator of future output, is down 47% from the same week a year ago when 825 oil rigs were active.

    Analysts at Raymond James projected total U.S. oil and natural gas rigs would collapse from around 800 at the end of 2019 to a record low of around 400 by the middle of the year and around 200 at the end of 2020. The investment bank forecast the rig count would average a mere 225 rigs in 2021. That compares with the current all-time low of 404 rigs during the week ended May 20, 2016, according to Baker Hughes data going back to 1940. In Canada, meanwhile, the total oil and gas rig count fell to 30, the lowest since at least 2000.

    We expect bunker prices to demonstrate irregular changes today: 3-5 USD down for IFO, 2-4 USD up for MGO.




2021 December 8

18:39 A robotic system intended to clean litter from the seafloor has passed its first real-life tests in Croatia
18:10 Arctic LNG 2 signs loan agreements with international banks
17:55 Eagle Bulk Shipping partners with sustainability pioneer GoodFuels to take on first biofuels
17:49 Russian Railways: Loading of export cargo bound for domestic ports grew by 7% in 11M’21
17:26 European shipowners call on Transport ministers to fix enforcement loopholes in FuelEU Maritime
17:06 Sewage from cargo ships may be legally discharged into the Baltic Sea - Gasum
16:42 Nordic Engineering supports Ship Repair, Modernization and Components Conference as its Partner
16:25 Wärtsilä thrusters to provide optimal propulsion performance for new Wind Turbine Installation Vessel
15:43 Zelenodolsk Shipyard named after A.M. Gorky lays down three sea-going tugboats of Project Т3150-ZD
15:14 Crowley announces 2050 net-zero commitment and activates key partnerships
14:55 Results of Atomflot’s summer-autumn navigation season rose from 66 to 111 icebreaker escort operations YoY
14:31 ICTSI continues to invest in Manila flagship
14:22 Parker altair® Neptune filtration system selected to provide reliable operation of Italian and US Navy vessels
13:47 Single-window concept applied at Ust-Luga – Baltiysk ferry line
13:21 Port of Long Beach opens survey on multimillion-dollar community grants
12:56 AS Tallink Grupp published its statistics for November 2021
12:32 Rosatomflot completed operation to escort ships out of the Northern Sea Route area
12:30 "K" Line and Shin Kurushima Dock get joint AIP for the concept design of Ammonia Fueled Car Carrier from ClassNK
12:09 APM Terminals Elizabeth targeting intermodal cargo
11:03 VRT Finland acquires Satamatieto Oy
10:29 ABP opens Vancouver Timber Terminal at the Port of Kings Lynn
10:10 Sea Port of Saint-Petersburg introduced unified digital system of production control
09:59 The Georgia Ports Authority to expedite 1.6M TEUs of on-terminal capacity by June
09:46 MABUX: Bunker prices may continue upward changes on Dec.8
09:28 Baltic Dry Index as of December 7
09:11 Crude oil market sees downward price correction

2021 December 7

18:15 Ernst Russ AG to acquire further shares in a Fleet Holding Company
17:59 Kuzey Star Shipyard holds steel cutting ceremony for Atomflot’s new floating dock
17:36 Stena Line expands and launches new route between Stockholm Norvik and Hanko
17:15 Boskalis consortium secures EUR 24 million research grant to advance emission-free shipping
16:45 New report highlights regional economic importance of Ports of Stockholm
16:33 LAS Admiral Panteleev of RF Navy’s Pacific Fleet started transition to Vladivostok from Indonesia after participation in ARNEX-2021
16:15 Angola starts CLOV Phase 2 project
15:50 Rosneft signed contract with Indian Oil for supplying up to 2 mln tons of crude oil to India
15:45 Strategic Marine wins additional order for new 42m Fast Crew Boat from Centus Marine
15:27 Ships of RF Navy and Egypt Navy start naval phase of Bridge of Friendship 2021 joint exercise
15:03 Wärtsilä partners with Microsoft to strengthen their Edge platform and industrialise Marine IoT
14:41 NOVATEK and RWE sign MOU on decarbonization and LNG
14:23 ABS grants Alfa Laval the marine industry’s first approval in principle for firing boilers with methanol
14:08 Nonius Engineering supports International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
13:50 Cox Marine collaborates with clean maritime consortium to demonstrate world-first diesel-hydrogen outboard
13:22 The leading Russian supertrawler for the Russian Fishery Company has successfully inclined
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11:49 Russia joins the Nairobi International Convention on the Removal of Wrecks
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10:24 Average spot market price for Russian M100 product fell to RUB 25,252 pmt
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09:45 MABUX: Global bunker indexes to turn to firm upward trend on Dec. 07
09:28 Baltic Dry Index as of December 3
09:13 Crude oil prices continue rising

2021 December 6

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