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  • Bunker Market this morning, July 30, 2020
  • 2020 July 30 09:02

    Bunker Market this morning, July 30, 2020

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

    Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check.

    Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.

    U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, the largest drawdown since December.

    Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.

    The fall in crude stocks was likely a result of supply cuts, agreed in April by the Organization of the Petroleum Exporting Countries and its allies, finally being realized.

    “The expectation is that the OPEC cuts are going to lead to bigger draws in the United States and this could be the beginning of it,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

    A record number of new coronavirus infections were reported globally. In the United States, more then 150,000 people have died from the novel coronavirus - the most for any country - having risen by 10,000 in 11 days, according to a Reuters tally.

    “The virus is spreading like wildfire across the Americas while Europe and Asia are displaying worrying signs of a second surge in cases,” said Stephen Brennock of oil brokerage PVM.

    Six U.S. states reported one-day records for coronavirus deaths and Texas cases passed the 400,000 mark.

    Attempts to provide relief amid the outbreak were in disarray after U.S. Republicans on Tuesday disagreed over their own plan for providing $1 trillion in new coronavirus aid. The U.S. Federal Reserve pledged to continue to help prop up the economy, providing some support to oil.
    Oil holds steady as virus concerns weigh on demand hopes.
    Oil prices were little changed on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a recovery in fuel demand just as major oil producers are set to raise output.

    The most active Brent crude contract for October was up 4 cents or 0.1% at $44.13 a barrel at 0330 GMT. The September Brent contract, which is expiring on Friday, was unchanged at $43.75 a barrel in light trading.

    U.S. West Texas Intermediate (WTI) crude futures were down one cent at $41.26 a barrel.

    Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.

    U.S. crude inventories fell by 10.6 million barrels in the week to July 24 to 526 million barrels, compared with analysts’ expectations for a 357,000-barrel rise.

    However, U.S. gasoline and distillate stocks, which include diesel and heating oil, both rose against expectations for inventories to fall - highlighting the patchy nature of the recovery in fuel demand.

    “The market’s relative non-plussed reaction to the colossal beat on the EIA print was likely due to a report including a considerable fall in U.S. imports,” said Stephen Innes, chief global market strategist at AxiCorp.

    “The gasoline glut provides the poor eye candy in the report, which reinforces the fact this is not your typical U.S. driving season as the pandemic continues to ravage the U.S. sunbelt.”

    Prices were anchored on Thursday by demand concerns with a rise in COVID-19 infections raising the prospect for lockdowns to be reimposed.

    “As long as we’re recording new daily cases, the risk for oil demand is just too strong,” said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia.

    Deaths from COVID-19 topped 150,000 in the United States on Wednesday, while Brazil, with the world’s second-worst outbreak, set new daily records of confirmed cases and deaths. New infections in Australia hit a record on Thursday.

    The potential hit to the demand rebound comes just as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are set to step up output in August, adding about 1.5 million barrels per day to global supply.

    Oil Future close 29th July, 2020

    Brent crude:

    $ 43.75 (+0.53) /brl

    FM delivery Sept

    Light crude (WTI):

    $ 41.27 (+0.23) /brl

    FM delivery Sept

    Gasoil ARA;

    $ 377.25 (+6.25) /mton

    FM delivery Aug

    NY Harbor Ulsd:

    $ 385.84 (+3.45) /mton

    FM delivery Aug

     

     

     

     

    Oil Futures trading at GMT 07.24; Brent: -$0.08, WTI: -$0.06.

    Oil Market closed upward based on relative big draw from U.S. crude inventories.  Demand concerns with a rise in COVID-19 is hampering the expected demand for oil.

    Expect bunker prices to increase, Fuel Oil +2-4 usd/mton, MGO +6 usd/mton and
    NY Harbor Ulsd +4 usd/mton.
    Trend: Expect the general bunker price trend irregular today. As long as we’re recording new daily cases COVID-19, the risk for oil demand is just too strong and oil prices is likely to drop.

    Note: Always start to predict today’s bunker prices in accordance to Oil Future differentials at closing the day before. – Don’t create bunker prices from current Oil Futures, due to too short trading period, also live and changing values every split second. Use the current live Oil Future prices only as a guidance for what can be expected forward like tomorrow.




2022 July 6

13:06 Nordic Engineering to speak at Ship Repair, Modernization and Components Conference about modernization of research vessels
12:01 Concordia Maritime sells the P-MAX vessel Stena Paris
11:39 MV Kholmogory to deliver first batch of cement to Kaliningrad
11:34 Germany prepares Uniper bailout - Handelsblatt
11:12 OPEC secretary-general is dead, Nigerian officials announce - AP
11:03 CMA CGM to implement Bunker Recovery Adjustment Factor to all West African ports
10:51 Krasnoye Sormovo shipyard delivers dry cargo carrier of Project RSD59 Sergey Volkov to GTLK
10:27 ECOWAS lifts sanctions against Mali
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
08:13 The EU isn’t yet equipped to receive enough LNG to replace Russian gas entirely - Bloomberg

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
15:33 DeloPorts completed full repayment of bond issue for RUB 3.5 billion
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
11:51 Vladimir Potanin: we are ready to discuss merger of Nornickel and Rusal
11:29 MPCC placed orders for two carbon-neutral 1,300 TEU newbuildings
10:56 RZD Logistics launches new railway container service on eastern branch of North-South ITC
10:18 HHLA and Eurogate make joint declaration on cooperation talks
09:57 Russian Maritime Register of Shipping supports Ship Repair, Modernization and Components Conference
09:35 Russia’s internal container traffic in H1’2022 rose by 5.1% YoY
09:14 MABUX: Upward changes to continue on Global bunker on Jul 05

2022 July 4

18:22 Vestas pioneers world’s first hydrogen-powered offshore service vessel
17:59 Plans on modernization of BAM and Transsib are outdated - Yury Trutnev
17:53 MARIN to have new defense department with Pepijn de Jong as manager
17:28 World's largest civilian hospital ship in port in Senegal
16:47 Programme on development of diesel engines manufacture to cover domestic demand in full - Mikhail Mishustin
16:29 ClassNK releases latest “PrimeShip-PSC Intelligence” mobile application
15:56 Sovcomflot shareholders decide not to allocate payment of dividends
15:34 TGS named successful bidder in the auction process for ION assets
15:34 Vestas secures 266 MW order in the USA
15:18 Saudi Global Ports awards contract for future-ready quay cranes to Shanghai ZPMC
15:00 Berth in Ugolniye Kopi is 50% complete — Chukotka Governor
14:39 Fire at Mongstad extinguished - Equinor
14:21 ClassNK releases comprehensively revised structural rules
14:10 ASCO's ferry Professor Gul returns to operation after overhaul
13:47 Petrofac and Hitachi Energy to collaborate in growing offshore wind market
13:34 Fishery Shipowners Association President Aleksey Osintsev to speak at Ship Repair, Modernization and Components Conference
13:17 Boskalis expands presence in the US with opening of new offshore renewables office in Providence, Rhode island
12:55 Amur Shipyard lays down corvette Bystry of Project 20385
12:33 BPA's statistics review shows three-month port traffic was up 7.3% to 111.8 million tonnes
12:19 Brisbane offers world-class facilities as it joins global cruise revival