• 2019 April 18 09:36

    Bunker Market this morning, April 18

    The Bunker Review was contributed by Marine Bunker Exchange

    Oil settles lower as U.S. inventories disappoint market yesterday

    Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday.

    Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. However, official data from the Energy Information Administration on Wednesday showed a 1.4 million-barrel crude drawdown, about half the API’s reported decline.

    “The rally overnight was predicated on a 3 million-barrel-per-day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.”

    Brent crude futures settled down 10 cents at $71.62 a barrel. During the session, the contract touched an intraday high $72.27 a barrel, the highest this year.

    U.S. West Texas Intermediate (WTI) crude futures settled down 29 cents per barrel at $63.76 a barrel. The contract touched an intraday high of $64.61 a barrel, just shy of a 2019 high of $64.79 hit last week.

    Crude continued to be supported by steady economic growth in China.

    China’s economy grew by 6.4 percent in the first quarter, official data showed, defying expectations for a further slowdown and assuaging global markets as a U.S.-China trade deal also appears near.

    Prices have been supported this year by a pact reached by the Organization of the Petroleum Exporting Countries and allies, including Russia, to limit their oil output by 1.2 million barrels per day. Global supply has been tightened further by U.S. sanctions on OPEC members Venezuela and Iran.

    Today's Oil Market expectation

    Oil prices slip amid ample U.S. output, Brent drifts away from five-month high

    Oil prices dropped on Thursday as the impact of plentiful U.S. production offset a surprise decline in U.S. inventories, leaving international benchmark Brent retreating from a five-month high touched in the previous session.

    Brent crude futures were at $71.42 a barrel at 0235 GMT, down 20 cents, or 0.3 percent, from their last close. Brent fell 0.1 percent on Wednesday, after earlier touching its highest since Nov. 8 at $72.27 a barrel.

    U.S. West Texas Intermediate (WTI) crude futures were at $63.69 per barrel, down 7 cents, or 0.1 percent, from their previous settlement. WTI closed the last session down 0.5 percent.

    U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.

    "A persistent rise in U.S. oil output, together with lingering demand-side concerns emerging from the U.S.-China trade dispute, is limiting price gains," Abhishek Kumar, Head of Analytics at Interfax Energy in London. Graphic: U.S. crude inventories, weekly changes since 2017.

    The price changes have been marginal for a few days now. It is difficult to determine why the market is behaving like it does. The small price adjustments could very well be from traders clearing or adjusting their accounts to be ready for action. The market is in a waiting mood.

    The U.S. Inventory

    U.S. crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels, Department of Energy (DoE) showed on Wednesday.

    “The unexpected drawdown in U.S. commercial crude oil stocks was balanced by lower-than-expected withdrawals in the country’s gasoline and distillate inventories,” Kumar said.

    Gasoline stocks fell by 1.2 million barrels, less than analysts’ expectations in a Reuters poll for a 2.1 million-barrel drop.

    Distillate stockpiles, which include diesel and heating oil, fell 362,000 barrels, also not as much as forecasts for a 846,000-barrel drawdown, the EIA data showed.

    Net U.S. crude imports fell last week by 659,000 barrels per day.

    Oil Future close 17th April:
    Brent: $71.62(-0.10) pbr
    WTI: $63.76(-0.29) pbr
    MGO: $637(+3.50) /mton
    NY Harbor Ulsd: $637.02(-4.01) /mton

    Oil Futures trading at GMT: 06.08; Brent:-5 cents. WTI: -1 cent
    Market tendency at a standstill.

    Expect bunker prices little change today based on Oil Future close last night. 




2019 May 21

18:33 Maersk to charter 13 new feeder ships powered by conventional fuel from 2021
18:25 Long-term Wärtsilä service agreements support optimal performance for LNG Carriers
18:04 GTT notified by Samsung Heavy Industries for the tank design of a new LNG carrier for Nisshin Shipping
17:48 Throughput of port Vysotsk in Jan-Apr'2019 climbed by 7% Y-o-Y to 6.65 million tonnes
17:25 Bunker prices still show no considerable changes at the Far East ports of Russia (graph)
17:19 ABB to enable world’s first hydrogen-powered river vessel
17:04 Port of Zeebrugge sets new record with maiden call of OOCL United Kingdom
16:42 Sredne-Nevsky Shipyard lays down Pioner-M, research ship of Project 25700
16:19 USCG host workshop to discuss safe operation of commercial passenger vessels
16:04 IMO issues additional guidance for sulphur 2020 implementation
15:33 UN agency pushes forward on shipping emissions reduction
15:19 Nevsky Shipyard delivers Nevsky Shipyard second vessel in a series of five dry cargo vessel of project RSD59
15:03 Panama Canal announces enhancements to its Green Connection Environmental Recognition Program
14:27 DSD sells its ferry and expressboat company Norled
14:06 Throughput of port Primorsk in Jan-Apr’2019 grew by 5% Y-o-Y to 18.95 million tonnes
14:03 MOL and Weathernews release of FOCUS Project part I 'Fleet Viewer' application
13:44 Port of Hamburg posts Q1 2019 results
13:41 Czech and Polish officials visit the Port of Gdansk to promote trade between the countries
13:14 Multipurpose Reloading Complex boosts investments in environment protection 15 times to RUB 8 million
12:49 Port of Ust-Luga handled 35.55 million tonnes in 4M’19, up 8% Y-o-Y
12:25 Throughput of Port St. Petersburg in Jan-Apr'2019 grew by 2% Y-o-Y to 19.67 million tonnes
12:02 IAPH Port Planning and Development Committee published a report “Autonomous Vehicles’ Impact on Port Infrastructure Requirements ”
11:28 Port of Kiel welcomes “Aidaprima” for its maiden call
11:00 Container Terminal Saint-Petersburg allocated RUB 2.9 million for implementation of its social programme in 1Q’2019
10:11 Swan Hunter completes modular offshore grid cable storage load-in
09:56 Brent Crude futures price is up 0.31% to $72.19, Light Sweet Crude – up 0.43% to $63.48
09:27 Debmarine Namibia to invest in world’s first custom-built diamond recovery vessel
09:13 Baltic Dry Index is up to 1,041 points
08:05 MABUX: Bunker market this morning, May 21

2019 May 20

18:35 First MAN dual-fuel, diesel-mechanical propulsion package bound for LNG-powered ferry
18:24 Peel Ports expands logistics services with acquisition
18:06 CMA CGM announces FAK rates from Asia to North Africa
17:28 Less storm damage in the port of Rotterdam because of Windbreakers
17:14 HMM to launch new Corporate Identity
17:06 Access World Terminals expands premises and activities in North Sea Port
16:54 Arctic LNG 2 and TechnipFMC sign EPC Contract for LNG plant
16:31 CMA CGM announces FAK rates from Asia to the Mediterranean
16:05 Damen Shiprepair Brest completes rapid repairs to LNG Carrier Methane Princess
15:38 Scrubber washwater to be investigated
15:15 MEPC agrees on scrubber guidance
14:51 Finnlines’ Tapani Voionmaa elected to the BIMCO Board of Directors
14:26 Gazpromneft Marine Bunker’s sales in 1Q’19 grew by 25% YoY to 800,000 tonnes
14:02 Zeaborn places 100 ships with Verifavia Shipping & Korean Register for Inventory of Hazardous Material services
13:44 Ministry of Transport and Communication of Finland: Reforms related to ship safety nearing completion
13:23 IMO organized workshop for getting audit-ready in Cameroon
13:02 Wärtsilä and LUT University to collaborate on research for 100% renewable energy systems
12:37 Average wholesale prices for М-100 HFO down to RUB 19,363 in RF spot market
12:01 International shipping on track to meet 2030 CO2 reduction target following critical UN IMO meeting
11:45 SMS Towage calls on Damen for two ASD 2411 Tugs
11:34 Annual capacity of Russia’s Baltic ports can be increased by 32.5% to 478.9 million tonnes by 2025
11:12 Bunker sales at the port of Singapore in Jan-Apr’2019 fell by 8% Y-o-Y to 15.78 million tonnes
10:50 Port of Singapore throughput in Jan-Apr’2019 fell by 1.1% Y-o-Y to 205.72 million tonnes
10:27 Throughput of port Shanghai (China) in Jan-Apr’19 remained flat at 178.59 million tonnes
10:05 Brent Crude futures price is up 1.27% to $73.13, Light Sweet Crude – up 1.18% to $63.66
09:46 Container throughput of port Hong Kong (China) down 7.6% to 5.99 million TEUs in Jan-Apr’2019
09:24 CLIA Conference and trade fair held in Southampton
09:13 Baltic Dry Index is up to 1,040 points
08:59 MABUX: Bunker market this morning, May 20

2019 May 19

16:51 Hamburg Süd strengthens its product portfolio on the Europe–Central America, Caribbean and South America West Coast trade
15:47 CMA CGM to implement FAK rates for Asia to the Middle East Gulf, Asia to Pakistan / India / Sri Lanka trades