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  • MABUX: Bunker market this morning, Apr 09
  • 2020 April 9 09:47

    MABUX: Bunker market this morning, Apr 09

    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) changed irregular on April 08:

    380 HSFO: USD/MT 253.49 (+1.34)
    VLSFO: USD/MT 299.00 (-5.00)
    MGO: USD/MT 391.82 (-0.98)


    Meantime, world oil indexes also ended a trading session on Apr.08 with no firm trend amid hopes that a meeting between OPEC members and allied producers later today will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.

    Brent for June settlement increased by $0.97 to $32.84 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May rose by $1.46 to $25.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $7.75 to WTI. Gasoil for May delivery lost $0.25.

    Today morning global oil indexes do not have any firm trend so far.
     
    Videoconference meeting between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts, and a price war between Saudi Arabia and Russia amid slumping demand. But doubts remain over the role of the United States in any production curbs. While Saudi Arabia, OPEC member countries and Russia are likely to agree to cut output, that accord could be dependent on whether the United States would go along with cuts. The U.S. Department of Energy said on Apr. 07 that U.S. output is already declining without government action.

    The U.S. Energy Department (EIA) said, U.S. oil companies are expected to temporarily reduce oil output by about 2 million barrels per day as lower crude prices force companies to cut back operations. According to the EIA, the United States pumped a record of more than 12 million barrels per day (bpd) in 2019. Now the EIA projected that U.S. oil output in the fourth quarter would average about 11.04 million bpd, down about 1.74 million bpd from the year-ago quarter. The Energy Department did not immediately respond to a query about whether the projection of a temporary 2 million bpd drop was based on this figure.

    Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market. Crude supplies have started building in Asia since February when China went into lockdown to curb the coronavirus outbreak. Since then, a decline in demand accelerated with more countries locking down globally, while traders from all over the world have shipped more crude to Asia for China, a rare spot where demand is recovering. Some companies will have to store oil at a loss as they’re unable to sell their cargoes even at depressed prices.

    Saudi Arabia sends a number of supertankers to the U.S. ahead of oil meeting. Last month, when Saudi Arabia pledged to flood the markets with oil, the Kingdom’s crude oil exports to the U.S. hit a one-year-high of 516,000 barrels per day (bpd). This month, at least seven supertankers carrying a total of 14 million barrels of oil are currently traveling to the U.S. Gulf Coast. This compares to just 2 million barrels of Saudi oil en route to America in the same period in March. Almost all tankers are chartered by the Saudi state-run shipping firm Bahri.

    Meantime, U.S. exports of liquefied natural gas (LNG) have resumed flowing to China for the first time since March 2019, after the Chinese authorities have granted tax waivers to several Chinese LNG importers. Four tankers that have loaded LNG at U.S. LNG export facilities are planning to dock in China. Earlier this year, Rystad Energy estimated that China’s LNG imports from the U.S. would restart only once the tariffs are lifted or if political support is offered by the Chinese government.

    Rystad Energy also predicts, the American oil and gas industry is reducing drilling at record speed, putting the horizontal oil rig count on track to fall by about 65% from mid-March levels. From a peak of about 620 rigs in mid-March 2020, the oil rig count is forecast to free-fall to a potential bottom of around 200. Most of the anticipated decline will come already by the end of April. The horizontal rig count has so far dropped to roughly 500, falling by 19% from the recent apogee just three weeks ago. The rig count not only represents the actual drilling activity in the market but is also a key metric of consumer confidence, closely related to price developments.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.2 million barrels from the previous week. At 484.4 million barrels, U.S. crude oil inventories are about 2% above the five-year average for this time of year. The EIA also reported gasoline inventories had increased by 10.5 million barrels and distillate fuel inventories had added 476,000 barrels. This compared with a gasoline inventory increase of 7.5 million barrels for the previous week and a distillate fuel inventory fall of 2.2 million barrels.

    We expect bunker prices may change irregular today in a range of plus-minus $ 3-7.




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
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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