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  • MABUX: Bunker Market this morning, Nov 20
  • 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 December 1

14:07 SEA-LNG backs Europe’s goal-based, technology-neutral regulation for cleaner shipping
13:50 Liepaja SEZ Board appointed Uldis Hmieļevskis, Deputy CEO, as Acting Manager
13:14 Rolls-Royce extends TBO intervals of mtu Series 4000 engines for commercial marine application
13:03 Oil shipments via CPC Marine Terminal in 11M’21 climbed by 0.7% YoY
12:56 Valenciaport tenders the drafting of the urban development project for areas 2 and 5 of the Special Plan for zone 1 south of the Port of València
12:06 Mostotrest conducted 2,177 operations on raising bridges in Saint-Petersburg over navigation season of 2021
11:45 MABUX: Bunker prices may continue to decline on Dec 1
10:49 Russian Railways' network loading climbed by 3.3% in 11M’2021
10:15 Maersk Customs Services USA highlights trends and opportunities for U.S. importers
09:51 Port of Kiel receives funding for digital test field
09:30 Crude oil prices start rising
09:16 Baltic Dry Index as of November 30

2021 November 30

18:35 ICS urges WTO Director General to prioritise maritime transport in multilateral trade negotiations
18:14 First phase of Tuas Port reclamation works completes
17:53 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
17:35 HDB, JTC and MPA, which issue over two-thirds of government invoices, offer e-invoicing through IMDA’s InvoiceNow
17:04 DNV supports world first large-scale testing of submerged CO2 pipelines
16:48 RF Navy’s large anti-submarine ship Vice Admiral Kulakov enters Barents Sea
16:34 Brittany Ferries takes delivery of Salamanca
16:04 Port of Oakland total cargo volume down 20 percent in October 2021
15:50 RF Navy's corvette Gremyashchy and two submarines of Varshavyanka project welcomed in Vladivostok
15:39 Abbey Heimensen appointed to VP of Marketing, MarineMax
15:34 The Port of Barcelona validates its Innovation Plan
15:19 Icebreaker Sibir of Project 22220 completed main part of shipbuilder’s sea trials
15:04 Terminal San Giorgio orders an eco-efficient Konecranes Gottwald ESP.8 Mobile Harbor Crane
14:43 Keppel Offshore & Marine signs global framework agreement with Ørsted on potential future offshore substation projects
14:24 DEME Group Signs Partnership Agreement with CIP for the Development of Energy Island in Danish North Sea
14:03 Volvo Penta to power Hurtigruten Svalbard’s new hybrid vessel
13:42 Rosterminalugol starts building wind and dust protection screens around its coal storage area
13:24 Kongsberg Digital and Aker BP extends collaboration agreement to accelerate data utilization
12:50 Container shipping costs up by 121.2% year-on-year - Xeneta
12:10 Navigation season closed on rivers of Saint-Petersburg
12:04 Ningbo Containerized Freight Index decrease slightly in November
11:48 1.59 million cbm of material dredged within Azov-Don Basin of Russia’s IWW in 2021
10:56 MABUX: Global bunker market turned into upward correction mode on Nov 30 after yesterday’s price collapse
10:42 China ports container volume rises 8.4% from January to October 2021
10:34 Port of Gdańsk awarded by the European Sea Ports Organisation
09:57 Klaipėda is preparing for the development of offshore wind energy in the Baltic Sea
09:30 Crude oil prices continue rising
09:15 Baltic Dry Index as of November 29
08:33 MAN Energy Solutions upgrades four-stroke engines for green future-fuels

2021 November 29

18:19 Gazprom posts RUB 1.59 trillion of operating profit in 9M’2021
17:58 Wärtsilä partners with China Classification Society and Tianjin Port Group
17:17 Construction of ice protection facilities at Utrenny terminal under Arctic LNG 2 project to be completed in 2022
16:54 Wallenius Wilhelmsen names new CEO
16:50 Lloyd’s Register is the world’s first Renewable Energy Certification Body for marine energy
16:19 Handling of socially important cargo to be obligatory prioritized by operators of sea terminals
15:41 Average spot market price for Russian M100 product rose to RUB 26,672 pmt
15:22 13 million cbm of material to be dredged in 2022 as part of Sabetta seaport’s Seaway Canal reconstruction
14:46 Oboronlogistics delivered cargo to Abkhazia
14:13 X-Press Feeders signs for sixteen new 1,170 TEU vessels
13:34 Alexeev’s Hydrofoil Design Bureau launches yet another Valdai 45R hydrofoil for Chuvashia
13:05 COSCO SHIPPING Ports and CSTD sign JV agreement with Tianjin Port Holdings and China Merchants International Terminals
12:57 DNV publishes pioneering new competence standard and recommended practice
12:47 Baltic Workboats AS developed new standard in commissioning of vessels together with Siemens Energy
12:24 MABUX: Bunker prices may sharply decline on Nov 29
12:08 Small missile ship Veliky Ustyug enters Caspian Sea to perform training and combat missions
11:45 Russian Maritime Register of Shipping issues digest of main changes in RS Rules
11:26 UECC takes delivery of the world’s first dual-fuel LNG battery hybrid PCTC
11:00 Yana Voytsekhovskaya appointed as Editor-in-Chief of IAA PortNews