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  • MABUX: Bunker market this morning, Nov 28
  • 2019 November 28 09:18

    MABUX: Bunker market this morning, Nov 28

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

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed in significant and irregular on November 27:

    380 HSFO: USD/MT – 342.61 (+0.04)
    180 HSFO: USD/MT – 386.73 (-0.07)
    MGO: USD/MT – 667.87 (-0.39)


    Meantime, world oil indexes fell on Nov.27 after a report showing U.S. crude inventories grew unexpectedly last week.

    Brent for January settlement decreased by $0.21 to $64.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery fell by $0.30 to $58.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.95 to WTI. Gasoil for December delivery lost $2.00.

    Today morning oil indexes continue to decline as official data showed production hit a record.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. At 452.0 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Forecasts had expected a decline of about 350,000 barrels, after last week the EIA reported an inventory build of 1.4 million barrels. Production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed.

    U.S. President Donald Trump said on Nov.26 the United States was in the "final throes" in its attempt to reach a trade deal with China, but that at the same time Washington stands with protesters in Hong Kong, where it wants to see democracy. Trump was not specifically asked about congressional legislation to back protesters in Hong Kong. The new legislation, approved unanimously by the Senate and by all but one House lawmaker, requires the State Department to certify, at least annually, that Hong Kong retains enough autonomy to justify favorable U.S. trading terms that have helped it maintain its position as a world financial center. It also threatens sanctions for human rights violations. The legislation has greatly angered Beijing and Trump has been vague about whether he would sign or veto it as he tries to strike a deal with China to end a damaging 16-month trade war.

    OPEC and Russia are likely to extend their oil production deal at least through midyear, but if they were to cut more output, as some speculate, it would blindside what has become a complacent market. The ministers head into the Dec. 5 and 6 meeting with oil prices near their highest levels in two months. OPEC and Russia and other allies have an ongoing agreement to reduce output by 1.2 million barrels a day, with the biggest cuts coming from Saudi Arabia. The current agreement expires in March, but many analysts expect the OPEC plus group to extend it until its next meeting in June or even to its meeting a year from now. U.S. sanctions on Iran and Venezuela have helped keep supply off the market, enabling the market to absorb increased supplies form the U.S. and elsewhere. But OPEC members Iraq and Nigeria were also producing above their limit, though they are currently more in line with the agreement.

    Russian President Vladimir Putin stated that Moscow will continue to work with OPEC in what he sees as their common task, stabilizing oil markets. Russian officials have recently started to raise the possibility of increasing the amount of gas condensate exports being exempted from the country’s production quota. Labelling the US shale growth’s environmental consequences “barbaric”, Putin has pledged to maintain Russia’s oil output without resorting to shale drilling.

    The political pressure intensifies for EU members to embrace the New European Green Deal which seeks to make Europe the world’s first-ever “climate-neutral continent”. In addition to fulfilling its Paris Agreement commitments, Brussels wants to use Emission Trading income to fund the fossil-dependent countries’ transformation, simultaneously intending to issue a carbon border tax on imported goods. Nuclear energy will be considered clean under the Green Deal.

    Higher natural gas consumption due to extreme summer and winter weather and increased petroleum demand in transportation in a strong economy resulted in the United States reversing in 2018 several years of carbon dioxide (CO2) emissions reductions in the energy sector. According to the International Energy Agency (IEA), the U.S. saw its CO2 emissions rise by 3.1 percent in 2018, reversing a declining trend. Despite last year’s increase, emissions in the United States remain around their 1990 levels, or 14 percent below their peak in 2000.

    We expect bunker prices may demonstrate slight downward trend today in a range of minus 1-4 USD.




2021 October 27

18:22 IMC Shipping appoints Mingfa Liu as managing director for ship services
18:07 TotalEnergies and MOL hold naming ceremony of France’s first LNG bunker vessel
17:51 Damen built LNG bunkering vessel enters service in the Gulf of Finland
17:42 Rosmorport takes delivery of LNG-powered Ro-Ro ship Marshal Rokossovsky
17:40 DEME Offshore installs final foundation at Hornsea Two offshore wind farm
17:34 Port of Zeebrugge posts a strong growth in nine months of 2021
15:40 Dublin Port volumes down by 3.3% after nine months of 2021
14:33 IMO considers midterm-measures for GHG reduction from ships
14:12 BIO-UV Group adds 3d scanning to turnkey BIO-SEA BWTS retrofit services
13:50 Ocean Yield agrees to invest in six VLCCs with 10-year bareboat charters to International Seaways
13:02 WinGD invests in training as gas-fuelled fleet grows
12:52 Vyborg Shipyard contracted to build an 18 MW icebreaker for Rosmorport
12:38 Zero emissions by 2050 is not enough for most developed countries if planetary warming is to be limited to 1.5 degrees - DNV
12:37 The LNG Fleet, LNG Bunkering and Other Alternatives Conference kicks off in Moscow
12:06 FESCO to supply Indian stations in Antarctica for another 5 years
11:51 Constructora Vale Verde places a repeat order for a cutter suction dredger with Damen Shipyards
11:19 MarineMax reports record fourth quarter and fiscal year results
11:18 FSRU Marshal Vasilevskiy completes maiden voyage with LNG cargo on the Northern Sea Route
10:09 Siemens Gamesa solidifies offshore presence in U.S. with Virginia blade facility
09:55 MABUX: No firm trend on Bunker market on Oct 27
09:33 Baltic Dry Index as of Oct 26
09:25 Aquadrill announces sale of a semisubmersible drilling unit
08:57 Oil prices edge lower

2021 October 26

18:06 FarSounder and NAVTOR announce a new partnership
17:49 Russian State Duma approves a bill on wrecks removal in the first reading
17:36 FuelEU can do more for the decarbonisation of shipping – World Shipping Council
17:08 First global hydrographic innovation and technology laboratory established in Singapore
16:31 BIO-UV Group adds 3D scanning to turnkey BIO-SEA BWTS retrofit services
16:24 Wärtsilä commits to carbon neutrality by 2030
16:05 CSL Americas takes delivery of second converted self-unloading ship
15:27 Damen Maaskant Shipyards Stellendam delivers 38-metre Beam Trawler to Rederij Long Ships
15:17 Vard Electro dual-battery pack to reduce emissions for Siem Offshore subsea vessel
15:01 Baltic Shipyard marks successful loading of shield tank duo onto the 22220 nuclear icebreaker Yakutia
14:13 BW Energy signs an agreement for the acquisition of semi-submersible drilling rig for the Kudu development
13:19 Wallem Group appoints John-Kaare Aune as new Chief Executive Officer
12:13 DP World: RWG terminal to be the first carbon neutral container terminal in the world
11:32 ClassNK grants Innovation Endorsement for Products & Solutions to Weathernews’s CIM
11:02 AIDA Cruises’ new cruise ship completes its first voyage on the river Ems
10:51 Sea Machines names Trevor Vieweg as new chief technology officer
10:14 TECO 2030 receives NOK 50 million in government support for fuel cell development
10:07 MABUX: Bunker prices may demonstrate irregular changes on Oct 26
09:54 Baltic Dry Index as of Oct 25
09:51 San Pedro Bay ports announce new measure to clear cargo
09:09 Oil prices continue to climb

2021 October 25

19:59 Severnaya Verf readies the 170701 series factory freezer trawler Kapitan Sokolov for shore power connection
18:13 CMA CGM applies Winter Surcharge in the Russian ports of St Petersburg, Bronka and Ust-Luga
17:44 Estonia’s Elenger takes delivery of first Damen LGC 6000 LNG bunkering vessel
17:34 Carnival Cruise Line christens Mardi Gras in first naming ceremony in the U.S. since industry restart
16:57 Sembcorp Marine clarifies report on the Johan Castberg Project
16:47 Two ways to experience the Fort Lauderdale Int'l Boat Show
15:23 Trafigura Group closes USD2.4 billion-equivalent syndicated revolving credit facility and term loan facilities
14:22 Sea Port of Saint Petersburg’s employees support package during COVID-19 pandemic
14:02 Svanehøj launches a new control system makes P&C offloading faster and easier
13:20 PIL launches new direct China to Gulf Service – Gulf China Service
12:15 Port of Hamburg honoured as ‘Best Seaport – Europe’
11:35 LR granted AiP to Samsung Heavy Industries for liquefied hydrogen carrier
11:12 Rosmorport updates Port of Ust-Luga data in the Register of Russia’s seaports
10:17 MABUX: Bunker prices may demonstrate upward changes on Oct 25
09:38 Russian Gov’t gives green light to imposing some port services tariffs in foreign currency
09:21 Baltic Dry Index as of Oct 22