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  • MABUX: Bunker market this morning, Dec 07
  • 2020 December 7 10:12

    MABUX: Bunker market this morning, Dec 07

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

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) rose on Dec.04:

    380 HSFO: USD/MT 330.19 (+3.59)
    VLSFO: USD/MT 400.00 (+5.00)
    MGO: USD/MT 467.25 (+4.19)

     

     

     

     

     

     

     

     

     

    Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Dec.04 still showed overcharging of 380 HSFO and VLSFO bunker grades in all selected ports, including 380 HSFO in Rotterdam (plus 1 USD against minus 6 USD on Dec.03). MGO LS remained slightly undervalued in all ports except Houston (plus 5 USD on Dec.04).

     

     

     

     

     

    Meantime, world oil indexes rose on Dec.04 as expectations of a U.S. economic stimulus package and the possibility of a vaccine for the coronavirus overrode rising supply and increased COVID-19 deaths.

    Brent for February settlement rose by $0.54 to $49.25 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery increased by $0.62 to $46.26 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.99 to WTI. Gasoil for December delivery gained $1.00 – $397.50 .

    Today morning oil indexes do not have any firm trend so far.

    OPEC and Russia last week agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year. The increase means the OPEC+ would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd. The curbs are being implemented to tackle weak oil demand amid a second coronavirus wave. Russia noted that the group would now gather every month to decide on output policies beyond January with monthly increases not exceeding 500,000 bpd.

    The development of multiple vaccines that are expected to allow a return to normal life next year, coupled with the fact that the dip in demand caused by the latest wave has not been as severe as many feared, allowed the OPEC+ bloc to accommodate pressure from countries led by the United Arab Emirates who had argued for raising the production ceiling.

    The International Energy Agency (IEA) said energy efficiency is expected to record this year its weakest progress in a decade, creating additional challenges to the world achieving international climate goals. Plunging investments and the economic crisis have markedly slowed the progress in energy efficiency this year, to half the rate of improvement seen in the previous two years. As a result, global primary energy intensity, a key indicator of how efficiently the world’s economic activity uses energy, is expected to improve by less than 1 percent in 2020, the weakest rate since 2010.

    Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd. To compare, the Saudis shipped as much as 1.3 million bpd to the United States in April, when they sent a fleet of supertankers to flood the U.S. market with oil during the price war with Russia at the end of March and early April. U.S. total oil imports, meanwhile, have been on the decline, too. For the four weeks to November 27 these averaged 5 million bpd, down by 10.5 percent on a year ago.

    Meantime, Saudi Aramco expects oil prices are set to see a meaningful recovery in the second half of next year. The prospects of vaccine rollout early next year and signs of a strong recovery in oil demand in Asia makes Aramco optimistic about the oil market’s prospects next year, especially in the latter half. Aramco continues to bet on expanding in the downstream to take advantage of expected growth in petrochemicals.

    The number of oil rigs in the United States rose by 5 to 246—the highest number of rigs since mid-May. Total oil and gas rigs in the United States are now down by 476 compared to this time last year. The EIA’s estimate for oil production in the United States is now at 11.1 million barrels of oil per day as of the most recent reporting period, with U.S. production still rangebound between 9.7 million bpd and 11.1 million bpd for months.

    We expect IFO bunker prices may add 2-4 USD today while MGO prices may rise by 1-3 USD.




2022 June 27

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16:27 World’s first climate-neutral container handling facility recertified
15:58 Russia, India, China, Brazil and RSA to sign agreement on cooperation in customs area
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15:21 Vestdavit to deliver telescopic davit for Danish Navy
14:27 Nuclear-powered container ship Sevmorput leaves for its first subsidized coastwise voyage to Petropavlovsk-Kamchatsky
14:06 Bureau Veritas completes new study on ammonia as fuel
14:02 BW LPG completes dual-fuel retrofits
13:33 Hydrographic Company holds tender for dredging of Utrenny terminal’s water area
13:15 Nakilat and Keppel to provide after-sales technical support for ballast water treatment systems in Qatar
12:30 Matson signs contract for ME-GI retrofit
12:14 International taskforce established to drive forward the development of Clean Energy Marine Hubs
12:01 Port Tanjung Pelepas turns to AI-powered management system
11:29 Seanergy Maritime acquires a modern Capesize vessel
11:02 Chernomorneftegaz platform in Black Sea shelled by Ukrainian troops
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08:58 MABUX: Bunker prices may increase on June 27

2022 June 26

15:18 BW LPG carriers completed DF retrofits at Yiu Lian Dockyards in Shenzhen, China
13:42 Aegean Shipping accepts delivery of its first of four Aframax tankers
12:14 Large-scale offshore tender sets TenneT on course to deliver 2030 offshore expansion targets
11:03 KHI delivers bulk carrier PHILHOKUSAI

2022 June 25

15:07 The Getting to Zero Coalition convenes to develop action plan for maritime decarbonization
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13:04 ČEZ Group becomes first Czech company to have climate targets validated
10:13 FSL Trust agrees to sell one chemical tanker

2022 June 24

18:37 OneSea Energy B.V. and Subsea 7 conclude an MOU on collaboration in offshore hydrogen production
18:06 HJSC wins a bid to build two dual-fuel LNG 7,700 TEU-class container ships
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16:51 Samsung Heavy Industries lands orders for 14 LNG carriers - Businesskorea
16:01 Expert says Russia’s Far Eastern seaports set for handling up to 1.5 million TEUs of exports
15:46 Alicat secures £2 million contract to build further two new vessels for North Star’s renewables fleet
14:55 CMA CGM and Port Authority of Singapore sign MoU
14:30 Gazprom Dobycha Nadym to start reclamation project for the development of the Yamal’s Kruzenshternskoye field
14:03 Chevron Marine Lubricants white paper assesses future cylinder oil needs
13:21 Bureau Veritas delivers AiP to the MANTA, an innovative clean up vessel
12:42 Sea Port of St.Petersburg beefs up its crane fleet
12:35 DP World and PCFC to modernise Romania’s Constanta Port with new RO-RO terminal
12:29 Sber CIB expects oil price to hit $100 a barrel by year-end
12:09 Successful completion of CNF19M ferry "General Chernyakhovsky" sea trials
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08:58 MABUX: Bunker prices may demonstrate irregular changes on June 24

2022 June 23

18:35 Emanuele Grimaldi appointed ICS Chairman
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