• 2020 November 18 09:34

    MABUX: Bunker Market this morning, Nov 18

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

    Oil prices edged lower in post-settlement trade on Tuesday after an industry group reported a bigger build than expected in U.S. crude stockpiles, adding to worries that new coronavirus lockdowns could hit demand.

    During the session, prices were narrowly mixed as the demand fears offset hopes for a vaccine and talk of tighter OPEC+ supply policies. Brent future fell 7 cents, or 0.2%, to settle at $43.75 a barrel. U.S. crude gained 9 cents, or 0.2%, to settle at $41.43.

    After settlement, U.S. crude edged lower to $41.19 a barrel when industry group the American Petroleum Institute (API) said crude inventories rose more 4.174 million barrels last week. That far exceeded the forecast increase of 1.7 million barrels, according to a Reuters poll.

    Crude prices had pared losses ahead of settlement, after the Pentagon said President Donald Trump will sharply reduce U.S. forces in Afghanistan from 4,500 to 2,500.
    “Crude prices rallied (from negative to little changed) after the Trump administration announced further drawdown of troops in Afghanistan and Iraq,” said Edward Moya, senior market analyst at OANDA in New York, noting instability in the region is a growing concern for some top military advisers and the oil market.

    The short-term economic outlook remained hazy with several European nations tightening restrictions as coronavirus cases increase.

    To tackle weaker energy demand in a resurgent pandemic, Saudi Arabia called on fellow OPEC+ members to be flexible as it builds the case for a tighter production policy in 2021.

    OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC), Russia and others, lowered its outlook on oil demand growth for 2021, according to a confidential document seen by Reuters.

    An option gaining support among OPEC+ nations is to keep the existing cuts of 7.7 million barrels per day (bpd) for a further three to six months, sources said, rather than tapering the reduction to 5.7 million bpd in January.

    OPEC+ held a ministerial committee meeting on Tuesday that made no formal recommendation. The group will hold a full meeting on Nov. 30-Dec. 1.
    Oil prices were mixed on Wednesday as a bigger-than-expected build in U.S. crude stocks and weaker U.S. retail sales stoked fears over fuel demand, although hopes that OPEC and its allies will delay a planned rise in oil output lent support.

    “The API crude inventories rose much higher than expected, which added to pressure,” said Jeffrey Halley, senior market analyst at OANDA.
    Disappointing U.S. retail sales also raised concerns over weaker U.S. consumption in light of the COVID-19 resurgence, he said.
    U.S. retail sales increased less than expected in October, restrained by spiraling new COVID-19 infections and declining household income as millions of unemployed Americans lose government financial support.

    “Still, I think today is the day of consolidation ... investors just saw an excuse for unwinding their long positions,” Halley said.
    It is predicted WTI will stay boxed into a range of $39 to $44 a barrel until a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) later this month.
    OPEC+ members are leaning towards delaying a previously agreed plan to boost output in January by 2 million barrels per day (bpd), or 2% of global demand, sources told Reuters early this week.

    Supporting the case for a tighter supply policy next year, OPEC and its allies have revised oil demand scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters shows.

    Oil Future close 17th November, 2020
    Brent crude:          $ 43.75 (-0.07) /brl        FM delivery Jan (FM=Front Month)
    Light crude (WTI): $ 41.43 (+0.09) /brl       FM delivery Dec
    Gasoil ARA;           $ 350.25 (-2.50) /mton   FM delivery Dec
    NY Harbor Ulsd:    $ 381.47 (+3.14) /mton   FM delivery Dec  

    Oil Futures trading at GMT 07.13; Brent: $-0.07, WTI: $-0.14.

    Expect Fuel Oil prices little change today. (Fuel Oil, means 380 HS plus VLSFO together). MGO and NY Harbor Ulsd also expected little change. All prices are based on Oil Future close last night Tuesday evening.




2021 April 23

18:05 WinGD & CSPI collaborate for X40DF engine
17:55 Diana Shipping announces time charter contract for m/v Philadelphia with Classic Maritime
17:26 NOVATEK’s AGM approves 2020 dividends
17:04 Production capacity of Russian ports to grow by 155.93 million tonnes per year between 2021 and 2023
16:58 Damen delivers Multi Cat to Leask Marine in record time
16:45 Grimaldi christened hybrid ro-ro unit Eco Savona at the port of Savona
16:15 South Florida Container Terminal ready for gateway growth
16:00 Sergey Ivanov considers it reasonable to build cruise ships for the Far East and Kamchatka
15:51 Port of Antwerp container throughput up by 0.6% to 2.3% TEUs in Q1 2021
15:31 The Wilhelmsen and thyssenkrupp JV digitize, print, test and deliver a cooling water pipe connector
14:48 35 crab catching ships worth RUB 60 billion to be built in Russia by 2024
14:26 World Maritime University contributes to Second World Ocean Assessment
14:02 A.P. Moller - Maersk’s block train transports COVID-19 antigen self-test kits from China to UK
13:35 Operation of Klaipėda LNG terminal temporarily suspended due to scheduled maintenance works
13:02 Lloyd’s Market Association advices underwriters of poised situation in Ukraine
12:57 North Sea Port posts results for Q1 2021
12:14 BC Ferries marks Earth Day with the launch of its sixth battery electric-hybrid vessel
11:33 FESCO and Globus to develop transportation of containerized timber from Siberia and the Far East to China
11:33 Tsuneishi Shipbuilding receives AiP for its Kamsarmax LNG dual-fuel vessel
10:29 Icebreaker Vladivostok provides assistance at Franz Josef Land and Novaya Zemlya archipelagos in difficult ice conditions
10:10 ICTSI Ecuador unveils special economic zone at the Port of Guayaquil
10:05 Fleet of Rosmorport’s Far Eastern Basin Branch expanded with icebreaker Moskva
09:41 Oil prices show a correction increase
09:22 Baltic Dry Index as of April 22

2021 April 22

18:05 Xeneta launches public Xeneta Shipping Index for short-term market, unlocking daily rate tracking
18:04 Cargo navigation begins on the Upper Volga
17:53 Genco Shipping & Trading to acquire fuel-efficient Ultramax vessel
17:15 Port of Kapellskär cargo volume up to 3000 metric tons in Q1 2021
16:45 Maersk’s Destination Cargo Management program reduces demurrage and detention exposure by 50%
16:23 Pavel Leonov ferry completed its sea trials on the Ladoga Lake
16:05 Rolls-Royce delivers 16-cylinder version of mtu Series 8000 for the first time
15:41 Bunker Weekly Outlook, Week 16, 2021
15:24 ABS publishes analysis of the greenhouse gas footprint of the leading alternative marine fuels
15:04 Samskip enters into new formal agreement with sustainable cargo initiative GoodShipping
14:48 Icebreaker assistance period ends at the port of Ust-Luga
14:31 Plug and Play launches maritime innovation platform in Antwerp
14:13 ABS Consulting and Verifavia Shipping partner to deliver turnkey IHM solution to maritime industry
13:51 Volgotrans successfully completes e-document flow tests
13:35 Icebreaker assistance period ends at the port of Primorsk
13:12 MPA and SMF step up efforts for maritime workforce transformation
12:34 Rosmorport tests e-Navigation system in the seaport of Sabetta
12:30 DNV awards first merchant vessel SILENT-E notation
12:12 Aker Solutions completes first phase of the Hywind Tampen Construction
11:39 Russian Maritime Register of Shipping takes part in NEFTEGAZ 2021
11:17 Wan Hai Lines to launch independent TVT2 service
10:46 Russian Fishery Company starts supplying surimi to the domestic market
10:20 FESCO refinanced its obligations to VTB
09:33 Oil prices decrease as COVID-19 cases grow in India and Japan
09:11 Baltic Dry Index as of April 21
06:57 The first batch of the next generation of electric boats arrives in New York

2021 April 21

18:44 Russian President suggests providing federal infrastructure loans
18:35 MAN Energy Solutions to partner on world’s largest liquid-air energy-storage (LAES) project
18:05 Port of Dampier sets sail with 10-year roadmap
17:35 Port of Amsterdam postpones the implementation date of the Green Award requirement for river cruise ships for a year
17:33 First Candela C-7 hydrofoil delivered to customers on the US East coast
17:15 Maersk launches rail service between Gurugram and APM Terminals Pipavav Port
16:35 Wärtsilä seeks breakthrough in clean propulsion as part of Finnish consortium
16:15 BIMCO asks the IMO to improve the ballast water record book
15:14 Russian container transport giant RUSCON opens its office in the Netherlands
14:41 Shipping bodies call on world leaders to bring forward discussions on global market-based measures