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  • MABUX: Bunker market this morning, July 15, 2020
  • 2020 July 15 08:56

    MABUX: Bunker market this morning, July 15, 2020

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

    Oil prices rose slightly on Tuesday as OPEC and its allies cut production by more than agreed to in June, although demand concerns lingered due to increased cases of COVID-19 in the United States. Brent crude LCOc1 futures settled up 18 cents at $42.90 a barrel, after moving lower earlier in the session. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 19 cents to $40.29 a barrel.

    Crude futures strengthened in post-settlement trading, rising after the American Petroleum Institute, a trade group, said U.S. crude inventories fell more than expected in the latest week.
    The market will be watching for additional weekly data Wednesday from the U.S. Energy Information Administration.

    Analysts estimate that U.S. gasoline stockpiles fell by 600,000 barrels and crude oil inventories by 2.1 million barrels last week, a preliminary Reuters poll showed.
    The Organization of the Petroleum Exporting Countries and its allies led by Russia, collectively known as OPEC+, have delivered compliance of 107% with their agreed oil output cuts in June, an OPEC+ source said on Tuesday.

    The market is eagerly awaiting news from OPEC+ on the next level of production cuts. OPEC’s Joint Technical Committee met on Tuesday, with the Joint Ministerial Monitoring Committee due to meet on Wednesday.

    Under the existing supply pact, OPEC+ is set to taper its record production cut of 9.7 million barrels per day (bpd) to 7.7 million bpd from August through December.

    The oil market is moving closer to balance as demand gradually rises, OPEC’s secretary general said on Monday.


    Oil climbs today morning, after sharp drop in U.S. crude stocks. OPEC meeting in focus.

    Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies.

    Reflecting a recovery in fuel demand despite the coronavirus pandemic, U.S. crude inventories fell by 8.3 million barrels in the week to July 10, beating analysts’ expectations for a decline of 2.1 million barrels, according to data from industry group the American Petroleum Institute.

    Official numbers from the U.S. Department of Energy’s Energy Information Administration (EIA) are due on Wednesday.
    API numbers released overnight, have provided some support to the market in early morning trading today.

    On supply, the market will be closely watching for news from a meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries (OPEC) later on Wednesday.

    “The market will be eager to see if deeper cuts will be rolled over for an additional month, or whether the group will stick to the original plan, and start trimming cuts,” according to ING Economics.

    “Most indications suggest that it will be the latter, with more focus on compliance and compensatory cuts.”

    Key members of OPEC and allies including Russia, collectively known as OPEC+, are set to decide whether to extend output cuts of 9.7 million barrels per day (bpd) that end in July or ease them to 7.7 million bpd.

    “Oil prices are likely to be traded in a range of $40, with the market paying close attention to today’s JMMC results,” said Kim Kwang-rae, commodity analyst at Samsung Securities in Seoul.

    Oil Future close 14th July, 2020

    Brent crude:

    $ 42.90 (+0.18)/brl

    FM delivery Sep

    Light crude (WTI):

    $ 40.29 (+0.19)/brl

    FM delivery Aug

    Gasoil ARA;

    $ 366.50 (-2.00)/mton

    FM delivery Aug

    NY Harbor Ulsd:

    $ 375.84 (-0.83)/mton

    FM delivery Aug

     

     

     

     

    The Oil Market is trading slightly upward at GMT 05.13: Brent $ +0.19, WTI $ +0.19.
    Expect Fuel Oil prices little change today. MGO slightly down 1 – 2 usd/mton and NY Harbor Ulsd  little change. The Market is in a waiting mode hungry for results from the OPEC+ meeting today.




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16:21 MSC and Fincantieri announce the construction of two next generation cruise ships
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15:57 Russia’s State Duma approves Draft Law on countersanction information
15:15 India, Iran to activate new shorter corridor to Russia - The Tribune
14:55 CPC-R requests to suspend execution of the judge's Ruling on administrative suspension of company's activities
14:32 Svitzer announces the purchase of a new tug to support terminal operations in Milford Haven, UK
14:18 Tallink Grupp reports 174.3% increase of passenger transportation in June 2022
14:02 ClassNK releases “ClassNK Technical Journal”
13:34 TechnipFMC awarded iFEED contract by Equinor for BM-C-33 project in Brazil
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11:34 Germany prepares Uniper bailout - Handelsblatt
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11:03 CMA CGM to implement Bunker Recovery Adjustment Factor to all West African ports
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10:10 Novorossiysk Court orders Caspian Pipeline Consortium to suspend its activities for 30 days
09:55 TT Club highlights long-term changes to supply chain risk profiles
09:22 Throughput of port Kavkaz in H1’2022 fell by 26% Y-o-Y
09:08 MABUX: Global bunker prices to decline sharply on Jul 06
08:44 Turkey to try to reach outcome on grain corridor with Russia, Ukraine soon - Daily Sabah
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2022 July 5

19:44 Termination of oil and gas supplies to Japan from Russia is possible – Deputy Chairman of the Security Council of the RF
18:23 Norled accepts delivery of second newbuild zero-emission battery-powered Ropax Ferry from Sembcorp Marine
17:56 BAM and Transsib failed to deliver 70 million tonnes of cargo in 2021 - Yury Trutnev
17:31 DNV recognizes Arcadia Shipmanagement’s Aegean Myth as the first verified SEEMP III vessel
17:11 Wartsila supplies battery to Pivot Power as part of cutting-edge Energy Superhub Oxford project
16:53 Lotos Shipyard launches first self-propelled dredger of Project 93.159
16:24 Russia may ramp up its gas supplies to Asian markets to a level close to its exports to EU in a decade - IEA
16:17 Siemens Gamesa secures deal to supply 75 MW for South Korea’s third largest wind farm
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15:11 TAQA, Heerema, and AF Offshore Decom completed decommissioning project in Brae Field
15:04 ABP launches 1m sq ft development site at Port of Grimsby
14:52 Edda Wind appoints new COO
14:21 APM Terminals takes the next step on its strategic journey
14:05 Bunker sales at Vladivostok port in H1’2022 fell by 25% YoY
13:46 Throughput of Azov port in H1’2022 fell by 18% YoY
13:28 Strike affecting Equinor-operated fields on the Norwegian continental shelf
13:19 Ulstein's trawler design for Bluewild is one of three nominees for innovation award
12:41 New quayside unveiled at Port of Nigg
12:17 DEME announcement of the Member State of origin
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09:57 Russian Maritime Register of Shipping supports Ship Repair, Modernization and Components Conference
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18:22 Vestas pioneers world’s first hydrogen-powered offshore service vessel
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