• 2020 October 27 09:45

    MABUX: Bunker Market this morning, Oct 27

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

    Oil Market close yesterday evening
    Oil dropped yesterday 3% as virus infections, Libyan oil output rebound.
    Oil prices fell more than 3% on Monday, extending last week’s losses as coronavirus cases continued to surge in the United States and Europe, while Libya’s rebound in crude production raised fears of oversupply.

    The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. Italy and Spain imposed fresh restrictions to curb the virus.

    “It’s a dark Monday in the oil market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. “We have long warned that a ‘second wave’ of strict coronavirus restriction measures could be re-imposed, and it’s now happening for real.”

    Brent dropped $1.31, or 3.1%, to settle at $40.46 a barrel. U.S. West Texas Intermediate (WTI) fell $1.29, or 3.2%, to settle at $38.56 a barrel. Both contracts fell almost 2.5% last week.

    Libya’s National Oil Corp (NOC) on Monday ended force majeure on the remaining facilities closed by an eight-month blockade of oil exports by eastern forces.
    NOC said on Friday that Libyan production would reach 1 million barrels per day (bpd) in coming weeks, a quicker ramp-up than many analysts had predicted.

    “The last thing the market needs right now is additional supply,” said Warren Patterson, ING’s head of commodities strategy.
    OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world.
    OPEC+, the producer group and it allies including Russia, is set to increase output by 2 million bpd in January 2021 after a record production cut earlier this year.

    “OPEC+ must not be careless and have to address the issue of the extra barrels appearing in the market, otherwise the days of relatively stable oil prices will be numbered,” said oil broker PVM’s Tamas Varga.

    Meanwhile, the U.S. Gulf Coast energy sector prepared for another storm. Oil producers on Monday were halting offshore production in the Gulf of Mexico as the 27th named storm of the season strengthened and looked likely to threaten the United States as a hurricane.

    Oil Maket today Tuesday morning
    Oil steadies, but outlook gloomy as coronavirus cases, supply grow.

    Oil prices eked out small gains on Tuesday after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.

    Brent crude was up 19 cents, or 0.5%, at $40.65 a barrel by 0324 GMT. U.S. oil gained 15 cents, or 0.4%, at $38.71 a barrel. Both contracts fell more than 3% on Monday.

    A wave of coronavirus infections sweeping across the United States, Russia, France and many other countries has undermined the global economic outlook, with record numbers of new cases forcing some countries to impose fresh restrictions as winter looms.[MKTS/GLOB]

    “We think demand from this point onwards is really going to struggle to grow. COVID-19 restrictions are all part of that,” said Commonwealth Bank of Australia (CBA) commodities analyst Vivek Dhar.

    CBA expects U.S. oil to average $38 and Brent to average $41 in the fourth quarter this year.
    Prices got some support from a potential drop in U.S. production as oil companies began shutting offshore rigs with the approach of a hurricane in the Gulf of Mexico.

    Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday the worst is over for the crude market.

    But his comment contradicted an earlier remark from OPEC’s secretary general, who said any oil market recovery may take longer than hoped as coronavirus infections rise around the world.

    Meanwhile, Libyan production is expected to reach 1 million barrels per day (bpd) in the coming weeks, the country’s national oil company said on Friday, a quicker return than many analysts had predicted.

    That is likely to complicate efforts by the Organization of the Petroleum Exporting Countries (OPEC) to restrict output to offset weak demand.

    An analyst survey by Reuters ahead of data from the American Petroleum Institute on Tuesday and the U.S. Energy Information Administration on Wednesday estimated that U.S. crude stocks rose in the week to Oct. 23, while gasoline and distillate inventories fell.

    Oil Future close 26th October, 2020
    Brent crude:          $ 40.46 (-1.31) /brl         FM delivery Dec (FM=Front Month)
    Light crude (WTI): $ 38.56 (-1.29) /brl         FM delivery Dec
    Gasoil ARA;           $ 320.25 (-14.75) /mton  FM delivery Nov
    NY Harbor Ulsd:    $ 345.36 (-9.08) /mton    FM delivery Nov  

    Oil Futures trading at GMT 06.06; Brent: $+0.29, WTI: $+0.28.

    Expect Fuel Oil prices to drop 8 - 10 usd/mton (Fuel Oil, means 380 HS plus VLSFO together).

    MGO expected a drop around 15 usd/mton and NY Harbor Ulsd a drop of 9 usd/mton.  All prices based on Oil Future close last night Monday evening.

    After yesterday’s relatively big oil price drop, made the oil market rebound today.

    Will it hold all day? Well, the Covid 19 vaccine seems to develop in a positive direction according to AstraZenica, which could cheer up the market.




2021 June 16

18:02 Brittany Ferries eyes zero-emission, sea-skimming ‘flying ferries’
17:41 Keel-laying ceremony held for lead icebreaking LNG carrier ordered by SCF from Zvezda for Arctic LNG 2
17:20 Port of Southampton boosts quayside infrastructure with new airbridge
16:42 Amphibious Energy and CORROSION join forces to launch the ICCP-POD
16:38 Rosmorport’s Far Eastern Basin Branch receives navigation equipment facility in Posyet seaport
16:15 APL announces additional Peak Season Surcharge from Asia to U.S.
15:43 Petersburg Oil Terminal obtains permit to put into operation its 40,000-cbm tank
15:14 New Helicopter Operations Guide from ICS helps crews prepare for the unexpected
14:46 Rosmorport’s Azov Basin Branch accepts dredger Dniester and dredging barges Deltovaya 10 and Deltovaya 11
14:14 ABS releases guidance on the potential of hydrogen as a marine fuel
13:50 Throughput of Murmansk Sea Fishing Port in 5M’2021 fell by 2.8% YoY
13:27 COSCO confirms Thordon seawater lubrication for 8 newbuild general cargo ships
13:13 Kalmar and SAAM continue collaboration with repeat order for 26 Ottawa T2 terminal tractors
12:42 PortNews issues its annual analytical report ordered by RF Ministry of Industry and Trade
12:18 Avikus becomes Korea's first company to successfully demonstrate fully autonomous navigation
12:06 The DFDS ferries in Copenhagen will be receiving shore power
11:35 Aleksey Tkachenko takes helm of Coal Sea Port of Shakhtersk
11:16 Wärtsilä supports EU and Waterborne Technology Platform partnership to reach zero emissions by 2050
11:02 Fugro minimises in-person inspections with new floating offshore wind real-time monitoring solution
10:56 Sweden’s ports collaborate for safe and speedy restart of important cruise ship tourism
10:34 Port of Los Angeles surpasses 1 million container units in single month
10:09 Throughput of Kaliningrad port in 5M’2021 fell by 13% Y-o-Y
09:45 Oil prices rise on reduction of US reserves
09:27 Baltic Dry Index as of June 15
09:12 The U.S. shipyards support $42.4 billion in gross domestic product
08:52 MABUX: Global bunker prices may turn into slight upward evolution on Jun 16
08:49 The National Retail Federation calls on White House to address port congestion challenges

2021 June 15

18:36 Port of Rotterdam Authority and RRP launch joint study into Delta Corridor pipelines between the Netherlands and Germany
18:14 Throughput of port Primorsk in 5M’2021 fell by 17% Y-o-Y
17:53 Average spot market price for Russian M100 product rose to RUB 22,962 pmt
17:32 Russia’s State Duma passes bill on nearshore fishery
17:05 Ørsted plans carbon capture at Avedøre Power Station as part of the Green Fuels for Denmark project
16:50 Throughput of port Kavkaz in 5M’2021 fell by 23% Y-o-Y
16:35 TECO 2030 to cooperate with Chart Industries, Inc. on developing marine carbon capture and storage solutions
16:05 EPS joins ammonia bunker study
15:35 NYK to build 12 LNG-fueled PCTCs
14:51 Throughput of port Vyborg in 5M’2021 rose by 34% Y-o-Y
14:27 Throughput of port Vysotsk in 5M’2021 fell by 10% Y-o-Y
13:49 DNV launches new Compliance Planner tool for easy regulatory tracking and compliance
13:48 Throughput of Taganrog port in 5M’2021 climbed by 16% Y-o-Y
13:20 Krasnoye Sormovo shipyard delivers dry cargo carrier Viktor Andryukhin
12:56 Port of Ust-Luga throughput in 5M’2021 fell by 3% Y-o-Y
12:35 RF Government approves draft law on regulation of offshore handling operations
12:33 Major contract for Payra Port’s next dredging phase awarded to Jan De Nul
12:07 Samskip Multimodal secures key approval to restart trailer transport by rail through Denmark
11:49 Throughput of Port St. Petersburg climbed by 2% in 5M’2021
11:28 VIKING signs contract for five more Hellenic Coast Guard ambulance boats
11:02 Port of Helsinki throughput in January-May 2021 rose by 7.4% YoY
10:52 2 MOL-operated vessels recognized by Japan Meteorological Agency for ongoing contributions to weather research and forecasting
10:37 Throughput of port Shanghai (China) in 5M’2021 rose by 15% YoY
10:14 APM Terminals Yucatan 2 years without accidents
09:59 Institute for the World Economy study underlines the importance of the Kiel Canal for all of Germany and Europe
09:53 Port of Ventspils throughput in January-May 2021 fell by 12% YoY
09:35 Oil prices rise driven by demand prospects
09:18 Baltic Dry Index as of June 14
08:47 MABUX: Global bunker prices do not have firm trend on June 15

2021 June 14

17:46 Fincantieri and MSC celebrate the start of construction of “Explora I”,
15:52 ABS and 22 industry players to study ammonia as an alternative marine fuel
15:18 ICS Guidance for Ship Operators and Roadmap for vaccination of seafarers
14:09 Bollinger submits proposal for U.S. Coast Guard Heritage-class offshore patrol cutter