• 2020 October 12 09:09

    MABUX: Bunker Market this morning, Oct 12

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

    Oil Market close, Friday evening

    Oil prices slip over 1% after Oil worker strikes end.

    Oil prices slipped more than 1% on Friday after an oil worker strike in Norway ended, which should boost crude output even as Hurricane Delta forced U.S. energy firms to cut production.

    Brent futures fell 49 cents, or 1.1%, to settle at $42.85 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 59 cents, or 1.4%, to settle at $40.60.

    Despite Friday’s price slide, both benchmarks gained about 9% last week, their first increase in three weeks and the biggest weekly rise for Brent since June.

    Oil futures climbed earlier in the week due to concerns the strike in Norway and the hurricane headed for the U.S. Gulf Coast would cut crude output.

    Norwegian oil firms struck a wage bargain with labour union officials on Friday, ending a 10-day strike that had threatened to cut the country’s oil and gas output by close to 25% next week.

    “One of the bullish factors that had been supporting prices fell apart late in the day when it was announced that Norway would end their strike,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

    Also weighing on prices were doubts voiced by Republicans in the U.S. Senate that a coronavirus economic stimulus deal could be reached before the Nov. 3 election.

    Earlier in the day, oil prices briefly turned positive after U.S. House Speaker Nancy Pelosi said she would resume talks on a possible $1.8 trillion COVID-19 stimulus package with Treasury Secretary Steven Mnuchin.

    Hurricane Delta, meanwhile, dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, halting most of the region’s oil and nearly two-thirds of natural gas output.

    Looking ahead, JP Morgan said that a worsening global oil demand outlook due to a potential rise in coronavirus cases this winter would likely prompt the Organization of the Petroleum Exporting Countries (OPEC) to reverse a planned easing of oil cuts in 2021, with Saudi Arabia offering deeper cuts below its current quota.

    Oil Market today, Monday morning

    Oil prices extend slide as U.S. producers restore output post-hurricane.

    Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

    Brent crude for December fell 32 cents, or 0.8%, to $42.53 a barrel by 0347 GMT and U.S. West Texas Intermediate for November was at $40.30 a barrel, down 30 cents, or 0.7%.

    “We had good support for both Brent and West Texas on the back of some supply concerns,” Michael McCarthy, chief market strategist at CMC Markets in Sydney said, adding that last week’s big draw in middle distillates and petrol inventories pointed to a better-than-expected demand picture.

    In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday.

    Workers headed back to production platforms on Sunday while Total SA  continued restarting its 225,500 barrel-per-day Port Arthur, Texas, refinery on Sunday.

    However, Colonial Pipeline, the largest oil products pipeline in the United States, shut its main distillate fuel line after the hurricane disrupted power, the company said on Sunday.

    Despite the storm’s impact on offshore operations, oil prices holding around $40 a barrel over the past few months encouraged U.S. energy firms to add oil and natural gas rigs for a fourth week in a row last week, data from Baker Hughes showed.

    Elsewhere, production in Libya, one of the members of the Organization of the Petroleum Exporting Countries, is expected to rise to 355,000 barrels per day on Monday after force majeure was lifted on the Sharara field from Sunday.

    Oil Future close 9th October, 2020

    Brent crude:           $ 42.85 (-0.49) /brl               FM delivery Dec (FM=Front Month)

    Light crude (WTI):  $ 40.60 (-0.59) /brl               FM delivery Nov

    Gasoil ARA;            $ 347.00 (+3.50) /mton         FM delivery Oct

    NY Harbor Ulsd:    $ 367.37 (+0.31) /mton         FM delivery Nov

    Oil Futures trading at GMT 05.12; Brent: $-0.42, WTI: $-0.44.

    Expect Fuel Oil prices today will drop slightly a couple of usd.

    ( Fuel Oil, it means 380 HS plus VLSFO together ).

    MGO and NY Harbor Ulsd more or less unchanged. All prices based

    on Oil Future close Friday evening.

    Expect a quiet trading day with bunker prices little change.


2021 September 23

11:00 13th Annual Capital Link Shipping & Marine Services Forum took place with great success on September 13, 2021
11:00 Rolls-Royce and Sea Machines sign partnership to cooperate on smart ship and autonomous ship control solutions
10:34 APM Terminals partners with Siemens for energy optimisation and emission reduction at terminals
09:58 Torqeedo and Fassmer Shipyard announce the CIT-E Ferry - a passenger ferry for public transport
09:46 MABUX: Global Bunker Market may demonstrate firm upward evolution on Sept 23
09:29 Crude oil prices continue increasing
09:14 Baltic Dry Index as of September 22

2021 September 22

18:05 ClassNK joins as signatory to Call to Action for Shipping Decarbonization
17:47 Localization level of LK-60 icebreakers estimated at 92% in finance terms
17:20 Torvald Klaveness joins over 150 industry leaders and organizations in call for decisive government action to enable full decarbonization of international shipping by 2050
16:55 SC Zvezda counts on signing contracts for 10 tankers under Vostok Oil project in October 2021
16:31 Transition to unmanned navigation and navigation with reduced crews will be possible in Russia in three years
16:30 LR, HHI and KSOE sign MoU to develop digital twin technology for an LNG carrier
16:10 APM Terminals Pipavav marks 1,000 days of safe operations
15:39 Wärtsilä and SHI agree to collaborate on ammonia fuelled engines for future newbuilds
15:14 NAVTEK proves first zero-emissions tugboat performance
14:43 Additional EUR 90 million to be invested in Saimaa Canal infrastructure development
14:14 Valmet AB orders Agilon automated warehouse solution and overhead cranes from Konecranes
13:57 Northern Sea Route will be covered with satellite communication services – expert
13:16 ABB’s Eero Lehtovaara appointed Chair of EU association Waterborne Technology Platform
13:13 LNG bunker terminal construction begins in Bilbao
12:04 Big Data Exchange, National University of Singapore and Sembcorp Marine to explore development of sustainable ocean Data centres
11:31 Russia’s Inland Water Transport Development Concept aimed at raising IWW cargo traffic by 65%
11:08 Pier T Terminal in the Port of Long Beach begins pilot program for 24-hour cargo pickup
10:40 Vadim Shpityak appointed as General Manager of Moby Dik and Yanino Logistic Park
10:15 Tollerort to become preferred hub for COSCO services
09:57 More than 300 ships to be built by 2032 under subsidized leasing programmes
09:40 Crude oil prices increase on reduction of reserves
09:39 MABUX: No firm price trend on global bunker market on Sep 22
09:22 Baltic Dry Index as of September 21
09:13 Havyard Leirvik hands over the third and last of the ‘triplet ships’ for ESVAGT
08:35 KiwiRail gets world-first green loan certification for new ferries

2021 September 21

19:01 Grimaldi to launch the Civitavecchia-Arbatax-Cagliari service
18:05 RTCOMM and Konnect Russia agree to join hands in development of satellite communication services for sea and river ships
18:02 “K” LINE to procure 8 next-generation of environmentally friendly car carriers
18:01 Diana Shipping announces time charter contract for m/v Maera with ASL
17:54 ABS publishes guide to ammonia-fueled vessels
17:47 RTCOMM and Iridium join hands to develop mobile communication services to improve clients security in Russia’s hard-to-reach areas
17:37 AD Ports Group and the General Company for Ports of Iraq sign MoU to promote cooperation and investments
16:58 RTCOMM and KNS partner to expand ocean satellite communications services
15:36 Hydrographic survey vessel Gorizont returns from the Arctic expedition
15:11 MOL Group Adopts Car Carrier Operation Digital Transformation Promotion Project 'Mathematical Optimization': Part II
14:59 Wärtsilä signs five-year Optimised Maintenance agreement featuring latest digital innovations with STQ of Canada
14:07 New ESPO Green Guide 2021 outlines a vision for ports towards a green future
12:34 International Maritime Exhibition and Conference NEVA 2021 opens in St. Petersburg
12:12 AtoB@C Shipping orders six highly efficient 5,350 dwt hybrid vessels
11:52 Damen Shipyards Group set to develop its localization in Russia
11:31 Port Houston sets new record for containers in August 2021
11:05 ASD Tug 3010 Ice Arc4 series to be laid down for Atomflot in September 2021
10:58 Stena Line and Frederikshavn sign agreement for two fossil fuel free ferries by 2030
09:51 Average spot market price for Russian M100 product rose to RUB 25,185 pmt as of September 17
09:37 MABUX: Global bunker market turned into downward trend on Sep 21
09:33 Crude oil prices increase in expectation of Covid related restrictions to be eased
09:19 Baltic Dry Index as of September 20

2021 September 20

18:27 Strategic Marine announces new 42m Gen 4 Fast Crew Boat
18:07 FSG to build RoRo vessel with LNG propulsion for Australian company SeaRoad
17:45 Sovcomflot Board reviews Group’s results for H1 2021
17:26 Shell to build one of Europe’s biggest biofuels facilities at the Shell Energy and Chemicals Park Rotterdam
17:16 Maiden call of EMA service at Vado Ligure connecting Eastern Med with US East coast
17:00 Rosmorrechflot estimates Russia’s demand for technical ships in 2025-2030 at over 800 units