• 2020 July 14 09:21

    MABUX: Bunker market this morning, July 14

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

    Oil prices slipped about 1% on Monday after global coronavirus cases rose by a record daily amount, fanning fears of renewed government lockdowns, and on growing U.S. and European tension with China.

    Prices moved lower in post-settlement trade as California’s governor on Monday clamped new restrictions on businesses as coronavirus cases and hospitalizations soared.

    “The California news puts the demand recovery question back on the table,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. Equities and other asset classes also moved lower after the California shutdown was announced.

    The World Health Organization reported more than 230,000 new cases of coronavirus on Sunday, a one-day record. Much of the growth is in the Western Hemisphere, particularly the United States and Latin America.

    In the United States, infections surged over the weekend as Florida reported an increase of more than 15,000 new cases in 24 hours, a record for any state. Numerous states have rolled back the loosening of restrictions on business operations and now require mask-wearing to slow the spread of the virus, which has killed nearly 140,000 people in the United States.

    Brent LCOc1 futures fell 52 cents, or 1.2%, to settle at $42.72 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 lost 45 cents, or 1.1%, to settle at $40.10.

    The market also remained on edge due to growing U.S. and European disputes with China. The European Union said it is preparing counter-measures on China in response to Beijing’s new security law on Hong Kong.

    China announced sanctions against the United States on Monday after Washington penalized senior Chinese officials over the treatment of Uighur Muslims.

    An Organization of the Petroleum Exporting Countries monitoring committee will meet on Tuesday and Wednesday and is expected to recommend levels for future supply cuts.

    OPEC and allies, including Russia, are expected to ease production cuts to 7.7 million barrels per day, down from a record cut of 9.7 million bpd for May through June, as global oil demand has recovered.

    OPEC+ will hold a committee meeting this week to assess the status of the oil market and decide on its next steps. For now, the group appears ready to begin unwinding the extraordinary production cuts, which could test the recent price rally. The historic cuts of 9.7 million barrels per day (mb/d) that OPEC+ implemented after the pandemic-related crash was always intended to be temporary. Initially, the cuts were set to expire at the end of June and begin tapering at the start of July; the group agreed to extend that first phase by a month.

    As of now, the cuts are slated to expire at the end of July, reducing the cuts from 9.7 mb/d to 7.7 mb/d. Various press reports have suggested that the group is ready to let those cuts taper as scheduled, rather than push for another extension.
     
    Russia intends to rachet up production in August, and OPEC+ delegates are “leaning towards” relaxing the cuts, according to a report from Bloomberg. The Wall Street Journal reported a similar angle, adding that OPEC+ producers are reluctant to continue to shoulder the burden of propping up prices while non-OPEC producers around the world bring their own production back online. “If OPEC clings to restraining production to keep up prices, I think it’s suicidal,” a source familiar with Saudi strategy told the WSJ. “There’s going to be a scramble for market share, and the trick is how the low-cost producers assert themselves without crashing the oil price.”

    Keeping 9.7 mb/d off of the market helped engineer a price rally to $40 per barrel and create an atmosphere of stability. The big question now is how the market will react to an easing of those cuts. “It has been all but a bumpy ride for oil during the last months and the OPEC+ deal on supply has been a pillar for the market,” Louise Dickson, oil market analyst at Rystad Energy, said in a statement. “The upcoming OPEC+ meeting this week is now expected, as planned, to make this pillar a bit weaker.”

    Oil Future close 13th July, 2020

    Brent crude:

    $ 42.72 (-0.52)/brl

    FM delivery Sep

    Light crude (WTI):

    $ 40.10 (-0.45)/brl

    FM delivery Aug

    Gasoil ARA;

    $ 368.50 (-1.25)/mton

    FM delivery Aug

    NY Harbor Ulsd:

    $ 376.67 (-5.45)/mton

    FM delivery Aug

     

     

     

     

    The Oil Market is trading down at GMT 05.31: Brent $ – 0.69, WTI $ –0.78
    Expect Fuel Oil prices to decrease by 2 – 4 usd/mton today. MGO slightly down 1 – 2 usd/mton and NY Harbor Ulsd  down 5 – 6 usd/mton.




2020 August 13

20:58 Rosmorrechflot promotes Stanislav Uryupin to Port of Novorossiysk Harbourmaster
18:31 Glavgosexpertiza gives nod to Sovetskaya Gavan LPG terminal project
18:06 Global Industry Alliance issues Just-In-Time Arrival Guide
17:36 HMM Rotterdam en route to Rotterdam
17:18 Ust-Luga Multipurpose Reloading Complex half-year cargo volume down 9% year-on-year
17:06 The operational situation in the port of Beirut is back to normal
16:48 TCSP Group half-year throughput grows 11.4%
16:31 Kalmar service expertise to enhance safety, performance and productivity on WWO’s American routes from Manzanillo International Terminal in Panama
16:12 CMA CGM announces PSS from North Europe (except France) to Australia & New Zealand
15:26 Minister for Regional Growth and Local Government opens multi million pound bulks terminal at Teesport
15:21 St. Petersburg set to create infrastructure for all-electric passenger vessels
14:39 First supply of bunker fuel by Gazpromneft Marine Bunker to the brand new cruise ship Mustai Karim
13:52 MABUX releases weekly review of global bunker market
13:21 VIKING delivers first of ambulance boat trio for Hellenic Coastguard
12:32 Grain exports via Krasnodar Krai based seaports in Jan-Jul jump 32%
12:14 Port of Oakland import cargo volume grew 6.4 percent in July
11:33 MacGregor receives EUR 18 million RoRo orders from Japan
10:52 Australia authorities issue fumigation requirements for the 2020/2021 high risk season
10:17 Sea Port of St. Petersburg half-year cargo volume rose 3%
10:14 MABUX: Bunker market this morning, Aug 13
09:52 Crude futures prices retreat
09:32 Baltic Dry Index as of Aug 12
08:26 ME-GI engine sails through sea trials

2020 August 12

18:57 Risavika LNG index for September up by 8.9 % week on week
18:27 Andreas Rieckhof new Chairman of Hamburg Messe und Congress GmbH Supervisory Board
18:08 At the three Hamburg container terminals throughput volume down 12.0 % in H1 2020
18:07 Sri Lanka Ports Authority assures safe handling of dangerous cargo under UN regulations
17:47 Rosmorport’s Azov-Black Sea branch adds TSHD Sommers to its fleet
17:43 Boluda Towage Europe takes on two new tugs from Damen Shipyards Group
16:49 Investors set to inject in excess of RUB 19 bn in federal port infrastructure facilities development
15:44 MoD eyes placing more orders for the Steregushchiy class corvettes with Amur Shipyard
15:17 Joint R&D Starts for Use of Ammonia in Marine Transportation to Reduce GHG Emissions
14:47 CMA CGM announces PSS from Asia to North Europe
14:21 MST wins contract for building 19m high-speed patrol craft duo for the Royal Navy
14:03 MOL issues an update on the Capesize bulker "Wakashio" aground off Mauritius
13:20 Port of Kiel constructs the new port apron
12:01 THE Alliance announces COVID-19 response measures for September 2020
11:57 Northern Sea Shipping acquires the MV Siyaniye Severa
10:36 LNG vessel completes 10,000th Neopanamax transit at the Panama Canal
10:02 Crude futures prices continue upward trend
09:32 Baltic Dry Index as of Aug 11
09:00 MABUX: Bunker market this morning, Aug 12

2020 August 11

18:07 Saigon Newport chooses Kalmar Essential Terminal Tractor for Cat Lai Terminal
17:43 Global Industry Alliance developes Just In Time Arrival Guide
17:36 Maersk Tankers hires Eva Birgitte Bisgaard as its new Chief Commercial Officer
17:00 CMA CGM announces PSS from Asia to North Europe
16:35 NORDEN adds 2 vessels to the existing newbuilding contract with NACKS
16:22 Murmansk Sea Fishing Port’s handled volumes in Jan-Jul dropped 12.7%
15:34 PETRONAS Research joins FASTsubsea’s subsea pump development
15:18 SCF Group's Igor Tonkovidov: Shipowners’ ability to compete with each other will be increasingly determined by their readiness to adopt advanced technologies
14:03 Houlder wins contract for Isle of Man Steam Packet Company’s new purpose-built vessel
13:39 IMO assists in MV Wakashio oil spill response
13:11 Cameron LNG Train 3 begins commercial operation
12:56 Seven-month crude exports via CPC Marine Terminal fell 1.4%
12:29 Port of St. Peterburg Captain releases new allowable drafts in Greater Port St.Petersburg basin
12:05 The Standard Club issues Guidelines for the use of electronic record books (ERBs) under MARPOL
11:08 Port of Ust-Luga based Multipurpose Reloading Complex steps up its efforts to protect the environment
11:04 Transhipment in North Sea Canal ports down by more than 10 percent due to coronavirus crisis
10:31 CSP Abu Dhabi Terminal launches new direct services to Europe and Indian Subcontinent
10:15 MABUX: Bunker market this morning, Aug 11