• Home
  • News
  • MABUX: Bunker market this morning, July 01
  • 2020 July 1 10:33

    MABUX: Bunker market this morning, July 01

    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 increased on June 30:

    380 HSFO: USD/MT 288.36 (+3.36)
    VLSFO: USD/MT 342.00 (+3.00)
    MGO: USD/MT 415.27 (+3.94)


    Meantime, world oil indexes demonstrated irregular changes on June 30.

    Brent for September settlement decreased by $0.56 to $41.15 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August fell by $0.43 to $39.27 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.88 to WTI. Gasoil for July delivery added $4.25.

    Today morning oil indexes increase after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

    According to the American Petroleum Institute (API), crude inventories dropped by 8.2 million barrels to 537 million barrels, against forecasts for a draw of 710,000 barrels. Official inventory data from the U.S. government's Energy Information Administration is due out later today.

    Also supporting prices was a drop in output from OPEC to the lowest in two decades in June. The 13-member grouping produced an average of 22.62 million barrels per day (bpd) in June after they agreed to cut output. It is down 1.92 million bpd from May's revised figure. The fall in output means that OPEC over-complied with the deal in June, with compliance coming in at 107%. The over-compliance is the result of additional cuts by Saudi Arabia, the United Arab Emirates and Kuwait. Those producers agreed to more cuts during June than other OPEC members. It is likely that compliance will slip again in July, unless Iraq and Nigeria will demonstrate a significant improvement in compliance.

    At the same time, both Saudi Aramco and the UAE’s national oil company were looking at raising their official selling prices for August, something that reflects confidence that the physical market will have returned to balance by then.

    Prices for later this year are likely to be capped, as the world is awash with oil after the coronavirus caused demand for fuel to drop by around a third. Reuters indicated that oil prices will consolidate at around $40 a barrel this year, with a recovery potentially picking up in the fourth quarter. The coronavirus continues to spread around the world with ever increasing rates of infection. Cases now total more than 10 million with more than half a million people dying after catching COVID-19.

    The outlook for demand has been clouded further in the U.S. by the reintroduction of more restrictive public health measures in parts of the country. Various counties in California and Florida have closed their beaches for the July 4 weekend due to the sharp rise in new infections of Covid-19 over the last two weeks. The states of Kansas and Oregon, meanwhile, have imposed a requirement to wear masks in indoor public spaces.

    Oil prices were also pressured by reports that Libya may soon be able to resume crude exports, after a hiatus of six months caused by the country’s civil war. Libya’s national oil company had complained last week about Russian mercenaries blockading its biggest field.

    We expect bunker prices may demonstrate irregular changes today: 1-3 USD down for IFO, 2-4 USD up for MGO.




2022 June 25

15:07 The Getting to Zero Coalition convenes to develop action plan for maritime decarbonization
14:31 Manor Marine to build two Hybrid CTVs for Manor Renewable Energy with Chartwell Marine
13:04 ČEZ Group becomes first Czech company to have climate targets validated
10:13 FSL Trust agrees to sell one chemical tanker

2022 June 24

18:37 OneSea Energy B.V. and Subsea 7 conclude an MOU on collaboration in offshore hydrogen production
18:06 HJSC wins a bid to build two dual-fuel LNG 7,700 TEU-class container ships
17:57 PortNews’ week headlines summary
17:06 MOL, Tsuneishi Shipbuilding and Mitsui E&S Shipbuilding start joint development on net zero emission ammonia-fueled ocean-going liquefied gas carrier
16:51 Samsung Heavy Industries lands orders for 14 LNG carriers - Businesskorea
16:01 Expert says Russia’s Far Eastern seaports set for handling up to 1.5 million TEUs of exports
15:46 Alicat secures £2 million contract to build further two new vessels for North Star’s renewables fleet
14:55 CMA CGM and Port Authority of Singapore sign MoU
14:30 Gazprom Dobycha Nadym to start reclamation project for the development of the Yamal’s Kruzenshternskoye field
14:03 Chevron Marine Lubricants white paper assesses future cylinder oil needs
13:21 Bureau Veritas delivers AiP to the MANTA, an innovative clean up vessel
12:42 Sea Port of St.Petersburg beefs up its crane fleet
12:35 DP World and PCFC to modernise Romania’s Constanta Port with new RO-RO terminal
12:29 Sber CIB expects oil price to hit $100 barrel by year-end
12:09 Successful completion of CNF19M ferry "General Chernyakhovsky" sea trials
12:09 Crowley, ESVAGT strengthen venture for U.S. offshore wind vessels
11:52 Port of Corpus Christi sets new tonnage and revenue records in first four months of 2022
11:35 Samskip and Ocean Infinity secure funds to drive forward hydrogen-fuelled SeaShuttle container ship
11:33 Oil prices show weak growth, mixed changes
11:25 “Viking Saturn” floated out in Ancona
10:53 HYPORT Coordination Company signs second land reservation agreement for a green hydrogen and ammonia production plant with OPAZ
10:41 Chinese shipbuilders delivered the largest container ship ever
10:30 Baltic Enabler transferred to the WALLENIUS SOL shipping line
10:12 Wilhelmsen enters into agreement to acquire Stromme to join forces on cargo hold cleaning
08:58 MABUX: Bunker prices may demonstrate irregular changes on June 24

2022 June 23

18:35 Emanuele Grimaldi appointed ICS Chairman
17:51 Ports of Stockholm opens new quay at Frihamnen Port
17:31 German seaports call for new ideas to reduce ship emissions - bremenports
17:16 PIL launches new service WS6 to expand coverage between Far East and West Coast South America
16:56 ZIM Integrated Shipping Services joins SEA-LNG coalition
16:35 thyssenkrupp nucera joins United Nations Global Compact
16:26 The shortage of Eastern rail operating domain annual throughput capacity in 2022 exceeds 100 million tonnes
16:04 MacGregor receives a repeat order to supply comprehensive RoRo equipment to another four innovative PCTCs
16:03 The total volume of container bookings amid abolition of import duties is estimated at 90 000 - ESP
15:28 Russian bunker market sales volume may shrink by 10% to 6 million tonnes in 2022
15:24 WinGD X-EL Energy Solutions brings engine expertise to energy system integration
15:14 Cheniere and Chevron sign long-term LNG sale and purchase agreements
14:43 Wartsila accelerates Zanzibar port digitalisation project
14:22 Software solutions provider Intellicore secures partnership contract with maritime firm du Pré Marine
13:49 Cheniere announces positive final investment decision on the Corpus Christi Stage 3 Liquefaction Project
13:21 Ship It Zero resolution passes Long Beach City Council - AJOT
12:35 DNV awards KSOE AiP for new LNG fuel supply system Hi-eGAS
12:07 World Shipping Council Containers Lost at Sea Report 2022 update published
11:25 The 15-th Current State and Development of the Russian Market of Bunkering Services Conference kicks off in St. Petersburg
11:10 ECSA welcomes Parliament’s strong support to Ocean Fund and ETS costs’ pass-through to operators
10:51 Fincantieri starts construction of new class of ultra-eco-friendly ships for TUI Cruises
10:20 Challenger Management partners with DP World to finance trade in emerging markets
09:45 PSA and OOCL complete green pilot trial for integrated & enhanced container flow between Keppel Distripark and On-Dock Depot
09:29 ABS and Texas A&M Qatar agree on landmark carbon capture joint study
08:52 MABUX: Bunker prices may decline on June 23

2022 June 22

18:35 Brittany Ferries’ Saint-Malo will be the largest hybrid-vessel ever built
18:07 MAN Energy Solutions and UGS make joint decarbonisation commitment
17:19 DNV’s ShipManager supports growth of Montec Ship Management
16:57 GTT entrusted by Hyundai Samho Heavy Industries to design the fuel tanks for four new LNG-fueled container vessels
15:51 MOL establishes subsidiary EcoMOL
15:49 Volga Shipping says it purchases 100% of bunker fuel for its fleet in Russian ports