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  • MABUX: Bunker market this morning, Apr 27
  • 2020 April 27 09:32

    MABUX: Bunker market this morning, Apr 27

    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) for the first time in last 7 days turned up on Apr.24:

    380 HSFO - USD/MT - 212.58 (+6.14)
    VLSFO - USD/MT – 241.00 (+7.00)
    MGO - USD/MT – 327.87 (+6.18)

    Meantime, world oil indexes changed irregular on Apr.24 gaining further ground as some producers said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.

    Brent for June settlement increased by $0.11 to $21.44 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery rose by $0.44 to $16.94 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.50 to WTI. Gasoil for May delivery lost $22.75.

    Today morning global oil indexes have turned into slight downward trend again.
    The World Bank slashed its outlook for oil and metals prices. Crude oil prices are expected to average $35 a barrel this year, down 43% from the average in 2019 - a sharp downward revision from its October forecast. The organization recommended that world governments reform energy subsidy programs to free up funds for emergency coronavirus response, and advised against the use of tariffs or other trade protections to shield domestic industries.

    U.S. petroleum consumption has fallen by a third since the economy went into lockdown in March but showed signs of stabilising last week. Lockdown has caused the biggest economic interruption since the depression of the 1930s and the largest interruption in oil consumption since the birth of the modern petroleum industry in the 1860s. The challenge now is for domestic oil producers, importers and refiners to adjust to a prolonged period of lower consumption and bring the increase in inventories under control before storage space runs out. In response to lower demand, U.S. refiners cut crude processing to 12.5 million bpd last week, down from 15.8 million bpd five weeks ago and 16.5 million bpd at the same point a year ago.

    U.S. total stocks of unrefined crude and products, excluding the strategic petroleum reserve, increased by a further 25.5 million barrels and have risen by a total of 109 million barrels in the last five weeks. In crude alone, stocks rose 15 million barrels and are now up 65 million barrels since March 13. Nationwide, crude storage capacity is now 60% full, up from 50% five weeks ago and 52% at the same point a year ago. However, there is still capacity to store another 262 million barrels, with most of the unused space on the Gulf Coast where there is still room for 156 million barrels. Cushing’s storage is 76% full, up from 48% five weeks ago. If Cushing space continues to tighten, the Chicago Mercantile Exchange, which operates the U.S. light sweet crude futures contract, will need to take steps to ensure the contract remains useable.

    As per Vortexa, the volume of key oil products held in floating storage around the globe has more than doubled in the past month to about 68 million barrels. The figure, which includes gasoline, diesel and jet fuel as of April 22, compares with around 30 million barrels in the previous month. Traders around the world have been trying to book tankers of different sizes to store oil products. Floating storage has increased in northwest Europe, the Mediterranean, the Gulf of Mexico, Fujairah in the United Arab Emirates and Singapore, as well as at other locations.

    Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 64, falling to 465, with the total oil and gas rigs clocking in at 526 fewer than this time last year as U.S. drillers make significant changes to their operations. The number of oil rigs decreased for the week by 60 rigs, according to Baker Hughes data, bringing the total to 378—a 427-rig loss year over year. It is the fewest number of active oil rigs since July 2016. The EIA’s estimate for the week is that oil production in the United States fell to 12.2 million barrels of oil per day on average for week ending April 24, which is 900,000 bpd off the all-time high and 100,000 bpd lower than the week prior. It is the lowest production level since May last year.

    Russia agreed to take unprecedented volumes of crude off the market under a new OPEC+ agreement in April, in response to dire crude demand forecasts and storage concerns. Russia has signed up to cut 2.5 million bpd in May and June, 2 million bpd from July to December, and 1.5 million bpd from the start of 2021 to the end of April 2022. Its baseline for these cuts is 11 million b/d. These volumes are significantly greater than Russia’s commitments under previous OPEC+ agreements, and pose a major challenge for Russian oil companies.

    We expect IFO bunker prices will not change significantly today, MGO prices may go down in a range of minus 10-18 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