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  • MABUX: Bunker market this morning, June 18
  • 2020 June 18 09:39

    MABUX: Bunker market this morning, June 18

    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) rose slightly on Jun.17:

    380 HSFO: USD/MT 284.67 (+3.74)
    VLSFO: USD/MT 336.00 (+5.00)
    MGO: USD/MT 410.44 (+7.88)


    Meantime, world oil indexes changed insignificant and irregular on Jun.17, after the Energy Information Administration reported an inventory build for the week to June 12. Fuel inventories, however, fell.

    Brent for August settlement decreased by $0.25 to $40.71 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery fell by $0.42 to $37.96 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.75 to WTI. Gasoil for July delivery gained $3.50 – $349.50.

    Today morning global oil indexes do not any firm trend so far.

    A feared second wave of coronavirus infections may have arrived, with cases rising in many parts of the U.S., while exploding much more rapidly in Latin America. In China, a small number of new cases raised fears of a return of the virus. With much of the market pricing in a steady rebound in demand, any renewed lockdown or economic hit would drag oil back down.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.2 million barrels from the previous week. At 539.3 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year. This compared with a 5.7-million-barrel build for the week before that. Forecasts had expected the the Energy Information Administration (EIA) to report a modest build of half a million barrels for the week to June 12. A day earlier, the American Petroleum Institute reported an inventory increase of 3.86 million barrels.

    In distillate fuels, however, the EIA estimated a 1.4-million-barrel draw in inventories for last week, after a 1.6-million-barrel build the previous week. Distillate fuel production averaged 4.5 million bpd, down on a week earlier. Distillate fuel stockpiles have been rising steadily and strongly over the past few weeks in the U.S. as demand for different oil products recovered unevenly after lockdowns began to be lifted.

    OPEC forecast a gradual recovery in global demand for oil, which has been hammered by the coronavirus crisis, and said record supply cuts by producers were already helping to rebalance the market. In a monthly report, the Organization of the Petroleum Exporting Countries said demand would decline by 6.4 million barrels per day (bpd) in the second half of 2020, less than the drop of 11.9 million bpd in the first six months of the year. Oil prices collapsed as government lockdowns to limit the spread of the virus curtailed travel and economic activity. To tackle the drop in demand, OPEC and its allies agreed to a record supply cut that started on May 1, while the United States and other nations said they would pump less. OPEC said these curbs were already helping.

    The leader of the non-OPEC group of the OPEC+ pact, Russia, is showing an unprecedented commitment to the ongoing record collective production cuts by almost complying with its share of the reductions. As part of the OPEC+ deal sealed in April, Russia pledged to cut its production to 8.5 million bpd in May and June from a February 2020 baseline, or by 19 percent, from February 2020. So far in June, Russia’s crude oil production has averaged 8.549 million bpd. This production level between June 1 and 15 is just above the 8.5-million-bpd ceiling for Russian crude oil production under the deal.

    Iraq appears to be cutting oil production to meet its OPEC+ quota, though it may still fall short of full compliance with the cartel’s target this month. The nation’s crude exports have fallen by 2% so far in June. Under its quota, Iraq is meant to produce no more than 3.59 million barrels a day – including oil for domestic consumption – from May through July. Last month, it pumped 4.21 million barrels daily. A committee from the Organization of Petroleum Exporting Countries and its partners will meet later this week to review compliance.

    Venezuela's oil exports have fallen nearly 28% in the first half of June, on course for its lowest level in over 70 years as tanker owners and operators suspend contracts for transporting crude from once South America's largest oil supplier. Shipping firms are avoiding Venezuela after the United States earlier this month blacklisted four vessels and their owners for transporting the country's crude. Several shippers have turned tankers away from Venezuela's waters in the face of increasingly aggressive U.S. efforts to isolate and oust socialist President Nicolas Maduro by throttling the oil revenue that funds his government.

    We expect IFO bunker prices may fall by 1-3 USD today while MGO prices may change irregular in a range of plus-minus 1-3 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