• 2020 October 15 09:31

    MABUX: Bunker Market this morning, Oct 15

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

    Oil Market close, Wednesday evening

    Oil rises 2% as OPEC complies with production cuts.

    Oil prices strengthened on Wednesday, as OPEC and its allies were seen complying with a pact to cut oil supply in September, even as concerns loomed that recovery in fuel demand will be stalled by soaring global coronavirus cases.

    Early in the day crude was boosted by a bullish stock market. Even as equities whipsawed on pandemic worries, oil stayed higher, buoyed by expectations that OPEC could staunch a supply glut.

    Wall Street’s main indexes opened higher on Wednesday, supported by heavyweight technology stocks. The dollar traded lower, which can boost oil as investors switch asset classes.

    “Between the dollar, the EIA and the warning from the IEA that may impact future OPEC policy, the tone has turned bullish here,” said Bob Yawger, director of energy futures at Mizuho in New York.

    Data from the U.S. Energy Information Administration (EIA)is expected to show crude oil stockpiles moving lower in the latest week, according to analysts polled by Reuters [EIA/S]

    The American Petroleum Institute said U.S. crude inventories fell more than expected in the latest week, according to a report released after market close on Wednesday. Analysts expect the U.S. Energy Information Administration data to confirm that draw on Thursday, a Reuters poll showed.

    Brent crude futures for December delivery settled up 87 cents, or 2.05%, at $43.32 a barrel. U.S. West Texas Intermediate futures also traded higher, settling up 84 cents, 2.09%, at $41.04 a barrel.

    OPEC+ had 100% compliance with a pact to cut oil supply in September was seen at 102%, two OPEC+ sources told Reuters.

    The Organization of the Petroleum Exporting Countries’ (OPEC) conformity with the oil output reduction in September was 105%, while non-OPEC compliance was 97%, one of the sources said.

    “There is a risk that the demand recovery is stalled by the recent increase in COVID-19 cases in many countries,” the International Energy Agency said on Wednesday.

    OPEC cut its oil demand forecast on Tuesday, citing economic dislocations caused by the virus.

    Russian Energy Minister Alexander Novak said that leading oil producers will start easing output curbs as planned in January despite a spike in coronavirus cases.

    Oil Market today, Thursday morning

    Oil prices edged higher on Thursday, extending their 2% gains from the previous session, after data showed U.S. crude stockpiles fell last week, while OPEC and its allies were seen complying with their pact to curb output in September.

    U.S. West Texas Intermediate (WTI) crude futures climbed 8 cents, or 0.2%, to $41.12 a barrel at 0430 GMT, while Brent crude futures rose 7 cents, or 0.2% to $43.39 a barrel.

    Oil markets climbed for a third day despite a resurgence in COVID-19 infections across Europe potentially denting fuel demand.

    “The energy markets are certainly marching to their own drummer at the moment,” said Michael McCarthy, chief market strategist at CMC Markets and Stockbroking, adding that recent oil price volatility may have attracted more trader positions.

    The American Petroleum Institute industry group said U.S. crude, gasoline and distillate inventories all fell in the week to Oct. 9, according to a report released after market close on Wednesday.

    Crude stockpiles fell by 5.4 million barrels, while distillate stockpiles, which include diesel and heating oil, fell by 3.9 million barrels. Those drawdowns were nearly double analysts’ expectations in a Reuters poll.

    “Much of the fall is due to the effects of Hurricane Delta shuttering U.S. production in the Gulf of Mexico, and as such, will be a transitory effect,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

    “Therefore, I am not getting too excited that a turn of direction is upon markets, although both contracts are approaching important technical resistance regions.”

    Brent may retreat to $42.55 per barrel, after failing to break a resistance at $43.44, Reuters technical analyst Wang Tao said on Thursday.

    The U.S. Energy Information Administration is due to release its weekly data on Thursday, a day later than normal following a public holiday.

    The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, had 102% compliance with their agreement to cut oil supply in September, two OPEC+ sources told Reuters ahead of a meeting of the OPEC+ technical committee on Thursday to review the oil market.

    ANZ Research pointed to sharp gains in China’s crude oil imports in September and buying by India’s refiners ahead of two big festivals helping support the market.

    Oil Future close 14th October, 2020

    Brent crude:           $ 43.32 (+0.87) /brl                FM delivery Dec (FM=Front Month)

    Light crude (WTI):  $ 41.04 (+0.84) /brl                FM delivery Nov

    Gasoil ARA;            $ 343.00 (+3.75) /mton           FM delivery Nov

    NY Harbor Ulsd:    $ 367.12 (+7.23) /mton           FM delivery Nov

    Oil Futures trading at GMT 05.00; Brent: $+0.07, WTI: $+0.08.

    Fuel Oil prices expected to increase by 5 - 7 usd/mton

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

    MGO and NY Harbor Ulsd expected increase by 4-7 usd/mton.

    Above indications are based on Oil Future close last night 14th October.

    The Oil Market is still trending upward, whether this trend will continue today is difficult to say. Much of the stockpiles fall was due to the effects of Hurricane Delta, which closed many oilrigs. All those rigs are working again and oil price is coming to a resistant level.

    The U.S. Energy Information Administration is due to release its weekly data today.


2020 October 27

18:37 Bahri net profit up 114% in third quarter of 2020
18:07 Premuda and Columbia Shipmanagement form joint venture
17:52 Publication of first N2000 nautical charts postponed to 2021
17:45 Deep water berth extension at Port of Halifax fully operational
17:37 SC Ports welcomes two new ship-to-shore cranes
17:30 FSUE Rosmorport to take part in 4th “LNG Fleet, LNG Bunkering and Alternatives” conference
17:06 Costa Cruises completes first LNG bunkering operation in Italy
16:24 OOCL updates North Europe – Turkey service
15:33 New tanks for storage and processing of polluted water have been put into operation in the port of Riga
15:04 Norway's biggest ferry company orders two new ferries from Havyard LAB
14:10 Port of Gothenburg posts results for January-September 2020
14:06 Krasniye Barrikady launched non-self-propelled cargo pontoon of Project GPRN
13:21 Wärtsilä cargo handling system design selected for new Very Large Ethane Carrier vessels
12:52 Bunker prices are stable in the Far East ports of Russia (graph)
12:27 BlueWater Reporting issues Q3 2020 World Liner Supply Report
12:09 HEINEKEN pioneers with zero-emission shipping
11:58 COVAXX and Maersk enter partnership to supply COVID-19 vaccines globally
11:03 Sea Port of Saint-Petersburg continues automation of railcars weighing
10:38 RF Government to look into development of national project focused on IWW
10:09 CMA CGM announces PSS for cargo from India North West ports to Europe
09:45 MABUX: Bunker Market this morning, Oct 27
09:40 Strategy for Developing the Russian Arctic Zone and Ensuring National Security until 2035 approved
09:22 Oil prices are recovering
09:07 Baltic Dry Index as of October 27

2020 October 26

18:03 Shipping emissions talks stall in London
18:03 Port of Klaipeda to get funds for sustainable development and digitization of the port’ management
17:42 34.6 million tonnes loaded in the Port of Klaipeda in 9 months of this year
16:58 Innovative solutions of MAPEI are increasingly widespread in shipbuilding
16:34 Kalmar continues long-term collaboration with Patrick Terminals with new order for AutoStrads
16:10 Average spot market price for Russian M100 product rose to RUB 12,430 pmt
15:46 Royal IHC and Suez Canal Authority successfully launch CSD HUSSEIN TANTAWY
15:34 EPS secures 15-year TC from STL for four dual fuel VLECs
14:52 RF Prime Minister approves list of checkpoints that can be crossed by foreigners with e-visas
14:31 Ocean Network Express to launch new intra Asia service
14:03 Port of Helsinki passenger traffic down 53.9% to 4.1 million in Jan-Sept 2020
13:06 Passenger turnover in Russian ports plunged by 73.9% in 9M’2020
12:59 ICS welcomes legally binding agreement to significantly improve the carbon efficiency of shipping
12:37 Delo Group and Russian Railways signed Agreement on cooperation in organization of rail container transportation
11:59 Stena Bulk branded class for tanker personnel opened at Admiral Makarov SUMIS
11:58 The Ocean Cleanup introduces first product made with ocean plastic pollution
11:30 NIBULON ranks first among Ukrainian shipyards
10:31 EMA and Keppel jointly awarded a research grant to pilot Singapore’s first floating Energy Storage System
10:15 Admiralteiskie Verfi shipyard delivered diesel-electric submarine Volkhov to RF Navy
09:50 MABUX: Bunker Market this morning, Oct 26
09:26 Oil market starts week with decreasing prices
09:09 Baltic Dry Index as of October 23

2020 October 25

15:27 USCG: Oil spill cleanup of Delaware Bay coastline continues
14:53 Richmond Council to host first public meeting with Hammersmith Bridge Taskforce
14:38 Deep water berth extension at Port of Halifax fully operational
13:27 Gothenburg Port Authority's Elvir Dzanic named as a member of Electrification Commission
12:43 Maritime NZ welcomes report to MPI
12:18 Oil spill response equipment and vessel rates in Singapore
11:04 GPA holds first virtual State of the Port

2020 October 24

15:47 Ocean transport of the first lot of railway coach to Myanmar completed
14:51 OOCL announces services changes and enhancements on Asia-Europe trade
13:28 Port Authority launches new campaign against litter
12:41 Hapag-Lloyd announces Ocean Tariff rates on East Asia - NEC and Mediterranean trade
11:06 CSD Hussein Tantawy successfully launched at IHC's shipyard in The Netherlands

2020 October 23

18:09 Baltic Data Flows: New HELCOM project seeks to harmonize and harvest environmental data at a pan-Baltic level
17:47 ICS welcomes legally binding agreement to significantly improve carbon efficiency of shipping