• 2020 October 26 09:50

    MABUX: Bunker Market this morning, Oct 26

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

    Oil Market close, Friday evening
    Oil fell about 2% on Libyan output, COVID-19 demand concerns.

    Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe.

    Crude prices sank after Libya’s National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks.

    “As soon as that came out, the market cratered,” said Bob Yawger, director of energy futures at Mizuho in New York.

    U.S. crude CLc1 settled at $39.85 a barrel, falling 79 cents, or 1.9%. Brent crude LCOc1 settled at $41.77 a barrel, losing 69 cents, or 1.6%. For the week, U.S. crude futures lost 2.5% and Brent futures shed 2.7%.

    Italy and several U.S. states reported record daily increases in infections, while France extended curfews for about two-thirds of its population as the second wave of the COVID-19 pandemic sweeps across Europe.

    “What’s holding us back is the uncertainty about demand - when we’re going to get a vaccine, when things are going to get back to normal, concerns about more shutdowns,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

    Russian President Vladimir Putin on Thursday said Moscow did not rule out extending OPEC+ oil output cuts, but that assurance did not offset the expectations for rising Libyan output and demand worries, analysts said.

    “They need to say, ‘We are not going to bring back those two million barrels,’” Yawger said.
    OPEC+, which includes Russia and the Organization of the Petroleum Exporting Countries, is due to increase production by 2 million bpd in January 2021.
    U.S. energy companies added five oil rigs to raise the total rig count to 287 in the week to Oct. 23, the highest since May, energy services firm Baker Hughes Co said. The rig count is an indicator of future supply.

    Oil Market today, Monday morning
    Asian shares got the week off to a hesitant start on Monday as surging coronavirus cases in Europe and the United states undermined the global outlook, while China’s leaders meet to ponder the future of the economic giant.

    The U.S. has seen its highest ever number of new COVID-19 cases in the past two days, while France also set unwanted case records and Spain announced a state of emergency.

    That combined with no clear progress on a U.S. stimulus package to pull S&P 500 futures down 0.6%. EUROSTOXX 50 futures eased 0.7% and FTSE futures 0.4%.

    MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, still short of its recent 31-month peak. Japan’s Nikkei dithered either side of steady, and South Korea’s main index lost 0.3%.

    Chinese blue chips shed 0.5% as the country’s leaders met to chart the nation’s economic course for 2021-2025, balancing growth with reforms amid an uncertain global outlook and deepening tensions with the United States.

    A packed week for monetary policy sees three major central banks hold meetings. The Bank of Canada and Bank of Japan are expected to hold fire for now, while the market assumes the European Central Bank will sound cautious on inflation and growth even if they skip a further easing.

    Oil prices fell further in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe.

    Brent crude futures lost 73 cents to $41.04 a barrel, while U.S. crude also fell 73 cents to $39.12.

    Oil Future close 23rd October, 2020
    Brent crude:          $ 41.77 (-0.69) /brl        FM delivery Dec (FM=Front Month)
    Light crude (WTI): $ 39.85 (-0.79)/brl         FM delivery Dec
    Gasoil ARA;           $ 335.00 (-1.25) /mton  FM delivery Nov
    NY Harbor Ulsd:     $ 354.44 (-2.89) /mton  FM delivery Nov  

    Oil Futures trading at GMT 06.06; Brent: $-0.82, WTI: $-0.80.

    Fuel oil prices are expected to drop USD 4-6 per metric ton. (Fuel Oil, means 380 HS plus VLSFO together). MGO and NY Harbor Ulsd to drop 1 – 3 usd/mton. All prices based on Oil Future close Friday evening. We expect oil prices to continue its downward trend today.




2020 November 27

18:27 First full-flow ballast water management system to receive Chinese Flag and CCS Type Approval
18:05 CLdN adds 2nd call on Zeebrugge - Cork route
17:47 Seagoing vessels mooring at North Sea Port will now pay a single tariff for the entire cross-border port area
17:26 FESCO delivered extra heavy power equipment from Russia to Bangladesh
17:05 LR, Anemoi and SDARI join forces on rotor sail designs
16:39 Interested parties invited to submit offers on development of deepwater terminal in Świnoujście
16:14 Sea-Cargo starts new freight service via Gothenburg
15:50 Yantar shipyard delivers new trawler of Project SK-3101R
15:48 Mikki Koskinen elected as the new Chairman of Finnish Shipowners’ Association
15:36 Head of Delo Group outlined tasks for updated composition of TransContainer BoD
15:15 IHM Certification for UK flag ships subject to PSC inspection at EU ports
14:48 IADС continues partnership with organizers of Hydraulic Engineering Structures and Dredging Congress
14:14 Wilhelmsen awarded funding for Singapore 3D printing project
13:59 World Maritime University and Batumi State Maritime Academy signed MoU
13:33 Bunker prices recover in the Far East ports of Russia (graph)
13:14 Fully integrated Wärtsilä Hybrid Solution selected for new Misje Rederi bulk carriers
12:50 BW Lilac to deliver its first LNG cargo to Klaipėda LNG terminal
12:25 Russian Maritime Register of Shipping takes part in ROOGD-2020
12:01 The world’s first LPG-fuelled vessel has set sail
11:31 Port of Southampton to open new cruise terminal for 2021 season
11:07 DEME awarded the prestigious Abu Qir port project in Egypt
10:44 Main engines loaded on General Chernyakhovsky ferry being built by Rosmorport’s order
10:17 Austal Australia cuts metal on third of six cape class patrol boats for Royal Australian Navy
10:15 2020 season of shipping through Volga-Baltic locks is over
09:51 Equinor and partner reach financial close on world's biggest offshore wind farm
09:36 Baltic Dry Index as of November 27
09:31 MABUX: Bunker Market this morning, Nov 27
09:22 Oil prices decrease on uncertainty over OPEC+ deal

2020 November 26

18:31 Port of Houston is now the number one port in U.S. in terms of total waterborne tonnage
18:00 Port of Rotterdam to embark on 100 innovative pilot projects
17:51 RF Navy’s frigate Admiral Gorshkov performs tests in the White Sea
17:27 DFDS and its partners apply for EU support for development of hydrogen ferry
17:24 Rosneft conducts stratigraphic drilling on Arctic shelf
16:59 RF Navy's corvette Boykiy completed missions in the English Channel
16:27 RF State Duma approves lifting the ban on storage of agricultural chemicals in ports
16:03 MacGregor reaches OnWatch Scout milestone
15:25 APM Terminals Gijon responds to doubling of container volumes
14:58 Western Shipyard boosts its vessel repair capacity
14:33 Keppel secures contract worth about S$100 million for FPSO project
14:29 EU funds to dredge the navigation channel up to -15 meters in Klaipeda Port
14:02 BC Ferries to trial two ship service on Campbell River – Quadra Island route
13:48 Andrey Severilov elected as Chairman of FESCO BoD
13:30 The Danish Armed Forces and DFDS enter into an agreement on providing ships for the transport of military equipment
13:22 MPA invites market specialists to join its International Safety@Sea Webinar Series
13:02 Fincantieri with the fishing association “Federpesca” to revive the national fishing economy
12:24 Rosneft completed survey and design stage of the project to a port in Sever Bay
12:01 APM Terminals Apapa continues equipment investment programme
11:31 Huntington Ingalls Industries awarded contract for construction of first two Columbia-class submarine modules
11:06 Aquila Power Catamarans rolls out its redesigned sport power catamaran
11:06 Maqta Gateway and TruKKer to collaborate on digital truck booking services through “MARGO”
10:55 New Alfa Laval CM wireless condition monitor boosts process uptime while protecting plant equipment
10:26 BPA: Gov't one year spending review
10:04 Volvo Penta’s transformation for the marine commercial professional of today and tomorrow
09:50 50 vessels and up to 100 drilling units to service Vostok Oil project
09:27 MABUX: Bunker Market this morning, Nov 26
09:24 Oil prices rise close to the level of March
09:10 Baltic Dry Index as of July 7
09:01 BPA calls for government to back a better connected Britain

2020 November 25

18:53 US to impose tough Port State Control measures on Cyber risk management
18:37 CMA CGM to launch SEAPRIORITY EXPRESS service connecting Yantian with Los Angeles