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  • Bunker Market this morning, 31st July, 2020
  • 2020 July 31 08:51

    Bunker Market this morning, 31st July, 2020

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

    Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election.

    Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is enshrined in the U.S. Constitution, but Trump’s remarks were viewed as an attack on the integrity of the coming election, worrying investors.

    Oil markets recovered from their lowest levels of the selloff. U.S. West Texas Intermediate (WTI) crude futures settled down $1.35, or 3.3%, at $39.92 a barrel after falling 5% earlier in the session.

    Brent crude futures, which expire on Friday, fell 81 cents, or 1.9%, to $42.94 a barrel.

    “We have the potential for serious political uncertainty in the U.S. if election dates are challenged,” said John Kilduff, partner at Again Capital in New York.

    In a sign of the devastating impact of the coronavirus on the United States, the world’s biggest oil consumer, the country’s economy contracted at its steepest pace since the Great Depression in the second quarter.

    U.S. gross domestic product collapsed at a 32.9% annualised rate, the deepest decline in output since the government started keeping records in 1947. In addition, weekly jobless claims rose, a signal that the worsening outbreaks across wide swathes of the United States are taking a further toll on the economy.

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

    The potential threat to a recovery in oil demand comes 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.

    “The market is now watching U.S. producers and OPEC+ consider plans to ramp up while demand isn’t returning the way we thought it would a few weeks ago...the supply demand balance could get out of whack” said Gene McGillian, vice president of market research at Tradition Energy.

    Oil rises further from three-week lows, but headwinds loom amid pandemic.
    Oil prices recovered further ground on Friday, after touching three-week lows in the previous session, responding to a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer.
    Brent crude was up by 14 cents, or 0.3%, at $43.08 a barrel by 0358 GMT. On Thursday, Brent closed down 1.9% but had recovered much of the ground lost from the lowest level since July 10.

    U.S. crude gained 21 cents, or 0.5%, to $40.13 after dropping 3.3% the previous session, again recovering from lows not seen since July 10.

    That leaves Brent on track for a fourth month of gains, while U.S. crude is heading for a third consecutive month of increases, as the contracts have recovered from the depths reached in April when much of the world was in lockdown.

    But as a second wave of infections rages around the world, the threat to oil demand is becoming apparent.

    “The equilibrium price may be lower,” said Michael McCarthy, chief strategist at CMC Markets. “Now that we have dealt with the issues around the OPEC+ grouping, we know what’s happening there, the key issue for oil markets is demand destruction.”

    OPEC+, a grouping of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively plan to increase production from Saturday, adding about 1.5 million barrels per day to global supply.

    Globally, the economic outlook has dimmed again, with increasing coronavirus infections raising the risk of renewed lockdowns and threatening any rebound, according to Reuters polls of over 500 economists globally.

    Oil Future close 30th July, 2020

    Brent crude:

    $ 42.94 (-0.81) /brl

    FM delivery Sep

    Light crude (WTI):

    $ 39.92 (-1.35) /brl

    FM delivery Sep

    Gasoil ARA;

    $ 360.25 (-17.00) /mton

    FM delivery Aug

    NY Harbor Ulsd:

    $ 373.10 (-12.74) /mton

    FM delivery Sep (New FM)

     

     

     

     

     

    Oil Futures trading at GMT 05.13; Brent: +$0.22, WTI: +$0.17.

    Oil Futures dropped yesterday in relatively big numbers.
    Demand concerns with a rise in COVID-19 is still hampering the expected demand for oil.

    Expect bunker prices to decrease, Fuel Oil based on ICE down 5-6 usd/mton, and MGO down 17 usd/mton. Fuel Oil based on NYMEX down 8-10 usd/mton and
    NY Harbor Ulsd down 13 usd/mton.

    Trend: The oil market is rebounding today after yesterday’s drop, but will the upward trend hold? The downward price pressure still prevails.




2022 August 17

18:37 NFE and Apollo funds complete $2 bln LNG maritime joint venture
18:07 Steerprop to supply a complete propulsion package for first-of-its-kind Wind Installation Vessel
17:31 Svitzer brazil strengthens fleet with two newbuilds
17:23 SFL Corporation agrees to acquire four Suezmax tankers in combination with long term charters
17:12 TransContainer obtains 58.51% of SASCO stake
17:09 SCHOTTEL RudderPropellers to power world’s first hydrogen tug
16:47 Traffic along Rhine further hindered after vessel's engine failure - Reuters
16:14 Iranian company Khazar Sea Shipping Lines launches regular Caspian services between Iran and Russia
15:56 New E-Flexer ferry Stena Estelle takes up operation on 4 September
15:35 SCZONE signs MoU with Toyota Tsusho for infrastructure projects
14:55 Port of Hamburg's total throughput up 0.9 percent to 4.4 million TEU in H1 2022
14:35 Saudi Ports register 16% growth in cargo volumes in July 2022
14:25 Throughput of Chinese sea and river ports in 7M’2022 climbed by 0.1% YoY
13:13 RUSCON launched multimodal service between Japan and Kazakhstan
12:41 DFDS reports strong Q2 results and upgrads its outlook for the full year
12:11 Philippine Ports Authority net income up 9% in 1H 2022
11:42 New floating production unit delivered to ABS Class
11:26 NYK Tokyo Container Terminal starts operations of four transfer cranes
10:58 Global Ports Holding signs 30-year concession agreement for San Juan Cruise Port, Puerto Rico
10:09 Port of Long Beach releases the Deep Draft Navigation Integrated Feasibility Report
09:41 Crowley secures subcontract for hybrid-electric ferry
09:38 Delo Group acquired Sakhalin Shipping Company
09:17 Crude oil futures rise after a fall at the previous session
08:55 MABUX: Global bunker prices to continue firm downward trend on Aug 17

2022 August 16

18:11 Viktor Chernomyrdin icebreaker officially received the status of a passenger ship
17:55 Sailing ship Mir takes on board second shift of cadets this year
17:36 Wan Hai Lines acquired four 3,000 TEU containerships from CSBC Corporation
17:06 Gulf Navigation seals refinancing deal for 5 petrochemical tankers
16:42 ABP appoints the lead for Port Talbot Transformation Programme
16:23 Port of Singapore bunker sales in 7M’2022 fell by 8.6% YoY
16:04 More than 500 workers of the port of Liverpool to strike over an ‘inadequate’ pay offer - Unite
15:38 Port of Singapore throughput in 7M’2022 fell by 3.7% to 339.1 million tonnes
15:14 Reefer container freight rates stabilise but to outpace dry box pricing - Drewry
15:04 A.P. Moller - Maersk to adopt Viking’s HydroPen container firefighting system
14:49 Port of Helsinki throughput in January-July 2022 rose by 8.4% YoY
14:30 Suez Canal Authority and Maersk sign bilateral cooperation agreement
14:20 GoodFuels’ Asia-Pacific branch starts sustainable biofuel deliveries with NYK as first client
14:03 Paxocean, Hong Lam Marine and Bureau Veritas sign Mou to develop ammonia bunker vessel design
13:31 Korea’s automobile exports top US$5bn in July - BusinessKorea
13:02 Ship travel passenger numbers in Helsinki late summer up to 80% of pre-COVID levels
12:38 Equinor extends contracts for AHTS’s in Norway and Brazil
12:37 Vladivostok Sea Fishing Port included into China’s list of Russian fishery products suppliers
12:01 Maersk and Castlery sign multi-year global logistics and fulfilment agreement
11:48 IAA PortNews to hold discussion on fish ports development and fish delivery logistics at Seafood Expo Russia
11:30 Steerprop to supply a complete propulsion package for first-of-its- kind wind installation vessel
11:01 Kalmar and Tropical Shipping strengthen long-term relationship with new order for straddle carriers
10:20 Eneti announces sale of shareholding in Scorpio Tankers
10:09 Ocean Network Express connects to CargoWise to enable automatic digital rate transfer
09:37 Freeport of Riga increased its cargo turnover in 7M’22 by 13.1% YoY
09:18 MABUX: Downward trend returns back to Global bunker market on Aug 16
09:14 Crude oil futures continue decreasing after a fall due to reduction of demand in China
09:13 Furetank and Algoma establish joint venture to construct four climate friendly dual-fuel product tankers

2022 August 15

18:26 Fujian MSA and Fishing Authorities announce the 1st batch of hgh risk warning areas of collision between merchant ships and fishing boats
18:06 Port digitisation project at APM Terminals Liberia set to improve efficiency and ease of doing business
17:55 Vladivostok Sea Fishing Port to convert one of its berth into container storage yard
17:26 King Abdulaziz Port in Dammam breaks container throughput record in June
17:06 Keppel O&M wins US$2.9bn newbuild FPSO P-80 contract from Petrobras
16:41 Zero-carbon fuel readiness on the rise but challenges remain - LR
16:20 Container throughput of Hong Kong port (China) in 7M’2022 fell by 4.3% to 8.65 million TEU
16:01 De-Kastri port to handle four ships loaded with oversize cargo for Amur Gas Chemical Complex in 2022