• 2019 April 12 09:31

    MABUX: Bunker Market this morning, April 12

    The Bunker Review was contributed by Marine Bunker Exchange

    Oil prices sliped on Thursday as OPEC mulls output hike, U.S. stocks build

    Oil prices fell on Thursday after sources said OPEC may raise output from July if Venezuelan and Iranian supplies fall further and prices keep rallying.

    Rising U.S. crude stockpiles also dragged U.S. futures down by more than $1 a barrel. West Texas Intermediate (WTI) crude fell $1.03 to settle at $63.58 a barrel.

    Global benchmark Brent settled at $70.83 a barrel, down 90 cents.

    'Now there is a suggestion that OPEC may surprise us and raise production pre-emptively if we get a price spike,' said Phil Flynn, an analyst at Price Futures Group in Chicago.

    The Organization of the Petroleum Exporting Countries may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said.

    Venezuelan crude production has dropped below 1 million barrels per day (bpd) due to U.S. sanctions, the International Energy Agency said on Thursday, even below the 960,000 bpd OPEC reported on Wednesday.

    Iranian supply could fall further after May if, as many expect, Washington tightens its sanctions against Tehran.

    OPEC and its allies led by Russia are due to meet in Vienna on June 25-26 to set their policy.


    Bunker Market Friday morning
    ________________________

    Oil prices firm amid OPEC supply cuts, U.S. sanctions on Iran and Venezuela

    Oil prices were firm on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela.

    'We see Brent and WTI prices averaging $75 per barrel and $67 per barrel respectively through the rest of this year, but risk is asymmetrically skewed to the upside,' RBC Capital Markets said in a note.

    'Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer,' the Canadian bank said.

    Oil markets have been pushed up by more than a third this year by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.

    Production in Venezuela has been plunging as the U.S. sanctions add to a deep economic and political crisis, while the U.S. government is expected to tighten oil sanctions against Iran in May.

    'Electrical outages added a further hurdle to Venezuelan production, which fell by 290,000 barrels per day in March to 732,000 barrels per day. Iranian production was stable at 2.7 million barrels per day, (but) could take a further hit if the U.S. cuts import waivers in May,' said Jefferies bank on Friday.

    Oil Future close 11th April:
    Brent: $70.83(-0.90)pbr
    WTI: $63.58(-1.03)pbr
    MGO: $627(unchanged)/mton (April contact expired y'day. New Front Month May)
    NY Harbor Ulsd: $636.41(-6.28)/MTON

    Oil Futures trading at GMT: 05.08; Brent:+23 cents, WTI:+27 cents
    The general tendency is irregular. The market has not decided yet which way to go.
    After y'days drop a slight rebound is in the cards.

    Expect bunker prices to drop. - Fuel Oil down 5-6 USD/MTON, NY Harbour also down
    6 USD/MTON for the Americas and MGO for the rest of the world unchanged.

    Note: The above predictions are based on Oil Future close last night 11th April. 




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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
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2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
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16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
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11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
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2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
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13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
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2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
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11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat