• 2020 November 20 10:55

    MABUX: Bunker Market this morning, Nov 20

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

    Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.

    Brent crude settled down 14 cents to $44.20 a barrel. U.S. West Texas Intermediate crude slipped 8 cents to settle at $41.74 a barrel.
    The Brent price contango, a market structure in which near-month barrels are cheaper than those in later months, implying current oversupply, was at its shallowest in more than four months. This suggests concerns about a glut are easing.

    “COVID is definitely weighing on the market,” said Bob Yawger, director of energy futures at Mizuho in New York. For crude oil, specifically, though, there’s a risk that a new OPEC price war could emerge, Yawger said. “I think they will come to an agreement, but 24 hours ago, it seemed like a done deal,” he said.
    While official data on Wednesday showed U.S. crude inventories rose 768,000 barrels last week, crucially the rise was smaller than the 1.7 million barrels analysts had expected in a Reuters poll.

    Stocks of distillates, which include diesel and heating oil, fell by 5.2 million barrels, far more than expectations.
    But concerns about the demand outlook persist. The U.S. death toll from COVID-19 surpassed 250,000, while daily cases in Japan and Russia surged. Among tougher curbs to prevent the virus spreading, New York City shut public schools.

    U.S. oil prices slipped on Friday, dropping for a second day as concerns mounted about the hit to demand from the surge in COVID-19 infections forcing new lockdowns, but prices were supported by signs of movement on a stimulus deal in Washington.

    West Texas Intermediate was down 9 cents, or 0.2%, at $41.65 a barrel by 0039 GMT, after dropping around 0.2% on Thursday. Brent crude was yet to trade, having fallen 0.3% in the previous session. The contracts are heading for a third week of gains.

    U.S. Senate Republican Majority Leader Mitch McConnell agreed to resume discussions on providing more COVID-19 relief as cases surge across the United States, Democratic leader Chuck Schumer said on Thursday, according to CNBC.

    “Any stimulus deal done before the holidays will help keep crude prices stay near the upper boundaries of its recent trading range,” said Edward Moya, senior market analyst at OANDA.

    Hospitalizations of patients with COVID-19 in the United States have jumped nearly 50% in the past fortnight, forcing states to impose new restrictions to curb an alarming spread of the virus with Americans facing the prospect of a grim winter and holiday season.

    “While falling demand is bearish for oil prices, that has mostly been priced in and should not drive significant weakness as the U.S. announces more lockdowns over the next couple of weeks,” Moya said.

    To counter the fall in demand from movement restrictions, OPEC+ members are likely to delay a plan to boost production from January by 2 million barrels per day, sources told Reuters.

    OPEC+, a grouping that includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, will discuss its output policy at a meeting on Nov. 30 and Dec. 1.

    Oversupply concerns continue to weigh though as Libya has boosted its production much faster than analysts had expected, after shut-ins from the country’s conflict.
    Loadings of Libya’s largest crude stream are set to increase, after the OPEC member raised production to pre-blockade levels of 1.25 million bpd.

    Oil Future close 19th November, 2020
    Brent crude:           $ 44.20 (-0.14) /brl         FM delivery Jan (FM=Front Month)
    Light crude (WTI):  $ 41.74 (-0.08) /brl         FM delivery Jan
    Gasoil ARA;            $ 357.75 (-3.00) /mton    FM delivery Dec
    NY Harbor Ulsd:     $ 391.20 (+2.06) /mton   FM delivery Dec  

    Oil Futures trading at GMT 07.12; Brent: $-0.05, WTI: $+0.07. We expect fuel oil prices to change slightly today (Fuel Oil, means 380 HS plus VLSFO together), as well as MGO and NY Harbor ULSD.

    All prices are based on Oil Future close last night Thursday evening.




2021 May 14

18:46 Pilbara Ports Authority posts results for April 2021
18:23 Onezhsky Shipyard launches Ice Arc5 tug Pomor built for Rosmorport
18:06 Port of Southampton announces second Shore Power connection
17:53 Warships of RF Navy's Pacific Fleet completed visit to Singapore
17:36 ICS releases Vaccination Roadmap to quicken seafarer jab rollout
17:16 Maersk secures daily rail services from Felixstowe to respond to Brexit and COVID-19
16:54 Throughput of Murmansk Sea Fishing Port in 4M’2021 fell by 3.7% YoY
16:31 DNV, the University of Bristol and Percepetual Robotics launch new research project to develop automated verification of offshore wind turbine inspection results
16:11 Port of Los Angeles container volumes up 37% to 946,966 TEUs in April 2021
15:25 Fincantieri and Amazon Web Services team up to power the digitization and competitiveness of Italy with cloud computing
14:56 Rosneft reports its 1Q 2021 net income of RUB 149 bln
14:17 Port of Liepaja throughput in 4M’2021 climbed by 1.6% Y-o-Y
13:34 Nevsky Shipyard delivers cargo-passenger vessel of Project PV22, Pavel Leonov, to the customer
12:25 Throughput of port Kavkaz in 4M’2021 fell by 15% Y-o-Y
12:03 Austal Australia delivers two cape-class patrol boats to Trinidad and Tobago Coast Guard
11:58 Port of Oakland sets all-time cargo record in April 2021
11:49 Daphne Technology seeks financing through crowdfunding platform
11:28 Throughput of Russian seaports in 4M’2021 fell by 4.2% Y-o-Y
11:09 Rosmorport commences dredging at the port of Arkhangelsk
10:46 Rosmorport announces competition on dam strengthening at Kaliningrad Maritime Channel
10:17 HCS and CyberLogitec partner in TOS implementation at finished-car logistics terminal in Yarimca, Turkey
10:13 Acceptance certificate signed for Phase 1 (preparation) of Bagayevsky hydrosystem
09:45 Oil prices decrease on demand concerns
09:28 Höegh Autoliners onboard more vessels to Kongsberg Digital’s Vessel Insight
09:12 Baltic Dry Index as of May 13
08:24 Port of Ayr completes £2.2m investment strategy with new crane delivery

2021 May 13

18:41 DFDS ferry volumes up 50% in April 2021
18:13 Sealand adds weekly Port of Wilmington call to its NAE service
17:54 Sparta III delivered yet another cargo to Franz Josef Land
17:37 COP26 in focus as UNGC gathers leaders at Nor-Shipping’s Ocean Now
17:30 Oboronlogistics took part in BREAKBULK RUSSIA 2021
17:02 Admiral Makarov University took part in ARCSAR workgroup
16:28 IAPH renews ties with WCO
16:05 VoltH2 and Virya Energy sign cooperation agreement for development of green hydrogen plant in North Sea Port
15:37 12th Arctic Council Ministerial meeting convenes in Reykjavík
15:13 Bunker Weekly Outlook, Week 19, 2021
15:04 Klaveness joins collaboration project to evaluate the potential role of carbon capture in meeting shipping’s near-zero emissions target
14:52 Wärtsilä Cargo Handling and Fuel Supply Systems again selected for Oriental Energy vessels
14:32 Capital Link Maritime Forum - Norway to take place on 26-27 May 2021 as digital event
13:48 Cargo traffic within Azov-Don Basin of Russia’s IWWs grew fell by 26% in 4M’21
12:46 Shell Marine expands shipcare network, offering customers greater convenience and smoother operations
12:29 Small anti-submarine ships of White Sea naval base commence training maneuvers at sea
12:00 Mitsubishi Shipbuilding holds christening and launch ceremony in Shimonoseki for large ferry built for Meimon Taiyo Ferry
11:50 Singapore and Rotterdam successfully complete trial with electronic bill of lading
11:37 Bunker sales at Vladivostok port in 4M’2021 fell by 26% YoY
11:09 Port of Long Beach container volumes up by 43.6% to 746,188 TEU in April 2020
10:42 TSUNEISHI SHIPBUILDING collects actual operation data by IoS-OP
10:33 RF Government approves new composition of its Marine Board
10:09 Bureau Veritas partners with North Sea Energy program
09:44 Damen launches RoPax 6716 for the Port Authority of Timor-Leste
09:41 Oil market sees downward price correction
09:24 Baltic Dry Index as of May 12
09:08 RINA certifies the improvement of the energy efficiency of Grimaldi ro-ro fleet
08:45 UN launches the Human Rights Due Diligence Tool for seafarers

2021 May 12

18:36 Rolls-Royce to supply mtu generator sets for U.S. Navy frigate program
18:06 COSCO SHIPPING Ports successfully launches green finance framework
17:54 Severnaya Zvezda shipped second batch of equipment for Taimyr coal cluster facilities
17:36 High demand sees Teesport Bulks Terminal sign third major deal in eight months
17:16 Port of Antwerp and the City of Antwerp kick off The Tall Ships Races 2022
16:53 Valenciaport exceeds one million export containers for the first time in a year