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  • MABUX: Bunker market this morning, Aug 31
  • 2020 August 31 08:42

    MABUX: Bunker market this morning, Aug 31

    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) demonstrated downward changes on Aug.28:

    380 HSFO: USD/MT 312.83 (-2.67)
    VLSFO: USD/MT 363.00 (-3.00)
    MGO: USD/MT 441.33 (-2.99)

    Meantime, world oil indexes demonstrated multidirectional changes on Aug.28.

    Brent for October settlement decreased by $0.04 to $45.05 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October declined by $0.07 to $42.97 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.08 to WTI. Gasoil for September delivery added $3.00.

    Today morning oil indexes rise as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market.

    Oil markets largely shrugged off the hurricane's impact on Aug.28 as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm. At the same time, U.S. Gulf of Mexico crude oil output remained down 70%, or 1.29 million barrels per day as companies continued to return crews to offshore facilities that were evacuated ahead of Hurricane Laura. A total of 139 platforms or drilling rigs in the U.S. Gulf of Mexico were unmanned at midday on Sunday. Offshore Gulf of Mexico wells account for 17% of total U.S. crude oil production and 5% of total U.S. natural gas production.

    The region’s offshore natural gas production remained down 50%, with 1.35 billion cubic feet per day shut in on Aug.28, as energy producers began to restore output that was halted ahead of Laura.

    In addition to the well shut-ins, the storm prompted energy firms to suspend processing at six coastal refineries last week. Those six account for about 12% of U.S. oil processing capacity. Refineries without significant damage also began taking steps to restart operations.

    According to Baker Hughes, the number of oil rigs in the United States fell by 3 to 180 last week, after rising the previous week for the first time since January. The total number of active oil and gas rigs held steady for the week, with gas rigs increasing by 3. Total oil and gas rigs in the United States are now down by 650 compared to this time last year. At the same time, higher oil and gas prices are also encouraging U.S. producers to resume drilling as the country's oil and gas rig count rose by three to 254 in August.

    The EIA’s estimate for oil production in the United States stayed the same for the week ending August 21—the last week for which there is data, at 10.8 million barrels of oil per day. Oil production in the United States is now 2.3 million bpd less than its all-time high reached earlier this year.

    A weak U.S. dollar has supported oil prices even though fuel demand has struggled to recover amid the coronavirus pandemic and supplies remain excessive, although crude may face hurdles going forward.

    China's crude imports in September are set to fall for the first time in five months as record volumes of crude are stored in and outside of the world's largest importer.

    We expect bunker prices may demonstrate irregular changes today: plus/minus 1-3 USD for IFO and 1-3 USD up for MGO.




2021 December 3

18:26 Hydrographic Company set to establish Center of Engineering and Technical Expertise
18:07 ABP Humber complete oil spill incident management exercise
17:52 Wärtsilä OPTI-DP Engagement Tool supporting the marine industry to configure optimised propulsion arrangements for DP vessels
17:45 Ocean Network Express conducts a joint crisis management drill with Seaspan Corporation
17:40 Transport Strategy of Russia until 2030 with forecast until 2035 published on official portal
17:22 MSC adds Hamburg to its feeder service „Baltic Loop 3“
17:02 Vyborg Shipyard launches KMT01 trawler named Kara Sea
16:32 South African minister visits Port of Rotterdam to discuss hydrogen exports
16:05 PD Ports contracts Konecranes to convert four RTGs to electric
15:31 Four Jones Act CTVs built to ABS Class to support U.S. offshore wind development
15:17 ABS, NYK, MTI and WinGD team-up to verify design with modeling and simulation
14:03 Jurong Port joins the Castor Initiative
13:30 ABS awards sustainability notations to two Harvey Gulf vessels
13:04 Kapitan Dranitsyn and Admiral Makarov icebreakers reinforced icebreaker group on NSR
12:57 Royal IHC delivers key components for “R.B. Weeks” to Weeks Marine
12:42 Icebreaker assistance season begins in White Sea waters
12:17 Sailing practice of 2021 on Mir sailing ship successfully completed
11:21 NCSP Group's consolidated revenue for 9M’2021 rose by 9.3%
10:53 Foreign contractors can be involved to build LNG-powered icebreakers for Arctic
10:38 MABUX: Bunker prices may demonstrate multidirectional changes with tendency to grow on Dec 3
10:29 The Korean Register publishes guidance for containers loading on bulk carriers
10:20 MSU-1 to perform reconstruction of Gorodetsky hydrosystem locks
09:57 Annual repair dredging in Gulf of Ob from 2023 estimated at 5 million cbm
09:35 Crude oil prices rise on OPEC+ decision to keep oil output increase in January
09:18 Baltic Dry Index as of December 2

2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam
17:06 Port of Antwerp invests in digitalisation of radar infrastructure
16:47 Western Australia and Port of Rotterdam to collaborate on renewable hydrogen
16:05 IMO moves ahead on GHG emissions, Black Carbon and marine litter
15:50 Diana Shipping announces completion of OceanPal spin-off
15:41 RF Federation Council approves Federal Law on Ratification of Nairobi Convention