• 2020 June 1 08:39

    MABUX: Bunker market this morning, June 1

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs declined on May 29:

    380 HSFO: USD/MT 253.14 (-0.94)
    VLSFO: USD/MT 294.00 (-1.00)
    MGO: USD/MT 368.11 (-3.07)

    Meantime, world oil indexes demonstrated upward changes on May 29.

    Brent for July settlement increased by $0.04 to $35.33 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $1.78 to $35.49 a barrel on the New York Mercantile Exchange. The WTI benchmark traded at the premium of $0.18 to Brent. Gasoil for June delivery added $2.75.

    Today morning oil indexes decline on Sino-U.S. tensions, the market also awaits of upcoming OPEC+ meeting.

    The latest survey by Baker Hughes showed a reduction of only 15 oil rigs last week, versus drops more than 60 per week during several weeks over the past 2,5 months. While the oil rig count is down 68% as a whole since the week ended March 13, the rate of decline has slowed in recent weeks, indicating that drillers were holding back on cuts as the surge in crude prices lure them to put out more barrels in return for more cash.

    Also, weekly data on U.S. crude provided by the Energy Information Administration showed the biggest rise in stockpiles last week since the end of April.

    The oil indexes got support in May from cuts in oil rigs and well shut-ins by U.S. drillers responding to the collapse in fuel demand, which drove WTI to sub-zero prices at one point in April.

    Larger production cuts by OPEC, which aims to remove 9.7 million barrels per day from global output, has also helped. However, some said the market was still some way off to achieving normalcy, and prices appeared frothy after five weeks of nearly non-stop gains.

    Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts — as usual, with Saudi Arabia on one side and Russia on the other. Looking ahead, OPEC+ is meeting again in June, and Saudi Arabia and some other OPEC members are considering extending record production cuts beyond the June deadline originally agreed. Russia, however, has been slow in agreeing to this move. State-owned giant Rosneft is arguing it does not have enough crude to ship to buyers with which it has long-term supply deals. This would make it very hard for the Russian company to continue with record oil cuts beyond June.

    But those discussions seem premature, as the cartel failed to fully comply with its agreed-upon quotas in May. Overall, the group cut just 5.91 million bpd from April levels, producing 24.77 million bpd. This is 4.48 million bpd of the promised reduction, or 74% compliant. One the reason for OPEC’s failure to bring production down to promised levels is due to contractual obligations with buyers given the short timeframe between the date the agreement was made and its implementation.


    OPEC president and Algerian energy minister Mohamed Arkab urged members of the exporters’ group as well as producers of a global pact to curb production, to consider an earlier date for their June meeting. He proposed advancing the date of the OPEC conference and OPEC+ meetings to June 4 instead of 9 and 10. He said reports of low levels of conformity to the OPEC+ may have an adverse impact as soon as markets are open on Monday. Mr Arkab urged ministers to share “positive messages” of conformity with the pact and indicate actual levels of commitments made.

    At the same time, there are still worries over the slow pickup in demand as economies reopen and over the ability of major producers to maintain production discipline as the year continues

    Investor sentiment has also been soured by rising Sino-U.S. tensions, with U.S. President Donald Trump set to respond on May, 29 to the decision of China’s parliament to back security legislation for Hong Kong. U.S. President Donald Trump promised “strong” and “meaningful” actions against China on Friday, although he did not provide specifics, in response to the NPC decision. Trump’s Secretary of State Mike Pompeo also said on May, 31 that U.S. had no basis to keep Hong Kong’s special trade status as China marches forward to enact the laws.
    Protests in dozens of U.S. cities after the death of George Floyd on Sunday also raised concerns about oil’s demand recovery, as well as fears of a second wave of COVID-19 cases, in the country.

    We expect bunker prices may slightly increase today: 1-3 USD up for IFO, 1-3 USD up for MGO.

    MABUX: Bunker market this morning, June 1

     

    Bunker prices may slightly increase today, expert says

     

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs declined on May 29:

     

    380 HSFO: USD/MT 253.14 (-0.94)

    VLSFO: USD/MT 294.00 (-1.00)

    MGO: USD/MT 368.11 (-3.07)

     

    Meantime, world oil indexes demonstrated upward changes on May 29.

     

    Brent for July settlement increased by $0.04 to $35.33 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $1.78 to $35.49 a barrel on the New York Mercantile Exchange. The WTI benchmark traded at the premium of $0.18 to Brent. Gasoil for June delivery added $2.75.

     

    Today morning oil indexes decline on Sino-U.S. tensions, the market also awaits of upcoming OPEC+ meeting.

    The latest survey by Baker Hughes showed a reduction of only 15 oil rigs last week, versus drops more than 60 per week during several weeks over the past 2,5 months. While the oil rig count is down 68% as a whole since the week ended March 13, the rate of decline has slowed in recent weeks, indicating that drillers were holding back on cuts as the surge in crude prices lure them to put out more barrels in return for more cash.

     

    Also, weekly data on U.S. crude provided by the Energy Information Administration showed the biggest rise in stockpiles last week since the end of April.

     

    The oil indexes got support in May from cuts in oil rigs and well shut-ins by U.S. drillers responding to the collapse in fuel demand, which drove WTI to sub-zero prices at one point in April.

     

    Larger production cuts by OPEC, which aims to remove 9.7 million barrels per day from global output, has also helped. However, some said the market was still some way off to achieving normalcy, and prices appeared frothy after five weeks of nearly non-stop gains.

     

    Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts — as usual, with Saudi Arabia on one side and Russia on the other. Looking ahead, OPEC+ is meeting again in June, and Saudi Arabia and some other OPEC members are considering extending record production cuts beyond the June deadline originally agreed. Russia, however, has been slow in agreeing to this move. State-owned giant Rosneft is arguing it does not have enough crude to ship to buyers with which it has long-term supply deals. This would make it very hard for the Russian company to continue with record oil cuts beyond June.

     

    But those discussions seem premature, as the cartel failed to fully comply with its agreed-upon quotas in May. Overall, the group cut just 5.91 million bpd from April levels, producing 24.77 million bpd. This is 4.48 million bpd of the promised reduction, or 74% compliant. One the reason for OPEC’s failure to bring production down to promised levels is due to contractual obligations with buyers given the short timeframe between the date the agreement was made and its implementation.

     

     

    OPEC president and Algerian energy minister Mohamed Arkab urged members of the exporters’ group as well as producers of a global pact to curb production, to consider an earlier date for their June meeting. He proposed advancing the date of the OPEC conference and OPEC+ meetings to June 4 instead of 9 and 10. He said reports of low levels of conformity to the OPEC+ may have an adverse impact as soon as markets are open on Monday. Mr Arkab urged ministers to share “positive messages” of conformity with the pact and indicate actual levels of commitments made.

     

    At the same time, there are still worries over the slow pickup in demand as economies reopen and over the ability of major producers to maintain production discipline as the year continues

     

    Investor sentiment has also been soured by rising Sino-U.S. tensions, with U.S. President Donald Trump set to respond on May, 29 to the decision of China’s parliament to back security legislation for Hong Kong. U.S. President Donald Trump promised “strong” and “meaningful” actions against China on Friday, although he did not provide specifics, in response to the NPC decision. Trump’s Secretary of State Mike Pompeo also said on May, 31 that U.S. had no basis to keep Hong Kong’s special trade status as China marches forward to enact the laws.

    Protests in dozens of U.S. cities after the death of George Floyd on Sunday also raised concerns about oil’s demand recovery, as well as fears of a second wave of COVID-19 cases, in the country.

     

    We expect bunker prices may slightly increase today: 1-3 USD up for IFO, 1-3 USD up for MGO.




2020 October 31

15:32 Beach cleanup operation extends from upper Delaware Bay to Ocean City
14:46 Next phase of berth reconstruction at JAXPORT’s Blount Island terminal set to be complete in December 2020
13:21 Dunkerque-Port steps up its short sea shipping network with the launch of a Dunkerque - Republic of Ireland link
12:37 AIDA Cruises pauses operation in November
11:09 24 roles available in the largest biomass terminal in the world

2020 October 30

18:02 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
17:38 Expert considers methanol to be more environmentally friendly marine fuel than LNG
17:06 Port of Melbourne releases its 2020 Sustainability Report
16:56 BC Ferries' third battery electric hybrid vessel launches at Damen Shipyard
16:45 Rosmorport took part in the 4th “LNG Fleet, LNG Bunkering and Alternatives” conference
15:21 General Prosecutor's Office confirmed Vostochny Port’s compliance with Presidential instructions on transition to closed coal handling
14:19 Fuelling the industry: Low-emission development strategies at the 7th International LNG Congress
14:03 VARD to build a second advanced stern trawler for Luntos
13:36 Amursky Shipyard launches Ro-Ro ferry and ice-class rescue ship
13:13 Shuttle service to COSCO’s European hub from Vado Gateway commences
13:10 BlueWater Reporting issues intra-Asia container shipping report
12:37 DNV GL hits remote survey hat trick with 20K surveys, 2-year anniversary and new Operational Centre
11:49 Ivan Radchenko appointed as General Manager at Moby Dik Terminal
11:14 Tuapse Sea Commercial Port increased its throughput by 10% in 9M’2020
10:38 IAA PortNews thanks partners and sponsors of 4th LNG Fleet, LNG Bunkering and Alternatives conference
10:17 The CMA CGM Champs Elysees joins the fleet
10:05 Arctic LNG 2 ice-class tanker fleet formation completed
09:43 Bunker Market this morning, Oct 30
09:40 Bunker prices go down in the Port of Saint-Petersburg, Russia (graph)
09:23 Oil prices are recovering
09:12 Baltic Dry Index as of October 29

2020 October 29

18:31 Wan Hai Lines to launch Straits – Bangladesh Express Service
18:09 Lloyd’s Register launches dedicated Maritime Decarbonisation Hub
17:56 Bill on corporatization of FSUE Rosmorport submitted to RF Government
17:56 Hapag-Lloyd announces winter surcharge to and from St. Petersburg and Ust-Luga
17:30 Rosmorport’s Azov-Black Sea Basin Branch purchased 5 tugboats
17:05 Wärtsilä to collaborate with Anemoi Marine Technologies in future sales of Rotor Sail solutions
16:59 Romania’s border authorities using EMSA RPAS for coast guard surveillance
16:35 Jon Fredrik Baksaas appointed DNV GL’s Chair of the Board
16:17 Nordion Energi moves closer to the aim of 100% green energy by joining the European Clean Hydrogen Alliance
16:01 Port of Los Angeles streamlines online permit process
15:28 MABUX released Bunker Weekly Outlook
15:22 Bunker prices are slightly down in the Far East ports of Russia (graph)
15:20 CMA CGM announces Peak Season Surcharge from China to Russia
15:01 Partnership agreement between leading Hamburg Port Authority and Tanger Med Port Authority
14:36 Port Kolomna takes delivery of multibucket dredger of Project 3409
14:11 MAN compressor technology for largest FPSO vessel offshore Brazil
13:53 Novatek to launch LNG terminal in Rostock (Germany) in 2023
13:30 Rosatom looks into using barges for LNG delivery to Arctic regions
13:11 IMEC and ITF opens big quarantine and testing facility in Manila
12:52 RS grants GASA to GTT’s Mark III Technology
12:29 Rosatom expects reactor plants RITM-200 to be efficient for container carriers and oil tankers
12:10 GTT entrusted by Zvezda with the tank design of ten ARC7 ice-breaking LNG сarriers
11:48 USC forecasts complete transition of shipping industry to electric propulsion in 20-25 years
11:30 Rijkswaterstaat has awarded the enlargement of the Twente canals to a consortium of Van Oord - Hakkers - Beens
11:09 DSV Panalpina acquires Prime Cargo
10:50 Novatek to put into operation 30,000-cbm gas carrier under Cryogas-Vysotsk project in 2022
10:37 Volvo Penta IMO III marine generator sets help power five electric ferries in Norway
10:09 International Association of Dredging Companies signs major strategic collaboration agreement with FIDIC
09:51 MABUX: Bunker Market this morning, Oct 29
09:46 Three LNG-powered product tankers for shipment of stable gas condensate from Ust-Luga to be delivered in 2022-23
09:24 Oil prices show slight increase
09:20 Vestdavit wins contract to supply six French Navy vessels
09:12 Baltic Dry Index as of October 28

2020 October 28

18:15 Sri Lanka's East Container Terminal inaugurates for operations