• 2020 July 13 09:05

    MABUX: Bunker market this morning, July 13

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

    Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption.

    Prices also found support after data showed U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row.
    Brent crude LCOc1 settled up 89 cents, or 2%, at $43.24 a barrel and U.S. oil CLc1 settled up 93 cents, or 2.4%, at $40.55 a barrel.

    A strong stock market also boosted oil prices. A slate of economic data, including a record monthly payrolls addition, pointed to a revival in U.S. business activity in June.
    U.S. crude was little changed on the week while Brent notched a weekly gain of about 1%.

    The Paris-based IEA raised its demand forecast to 92.1 million barrels per day (bpd), up 400,000 bpd from its outlook last month.

    “While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of COVID-19 cases is a disturbing reminder that the pandemic is not under control,” the IEA said.

    Prices had dropped early in the session after Libya National Oil Corporation announced it had lifted its force majeure on all oil exports after a half-year blockade by eastern forces.

    “The expected re-start of Libyan exports will only add to the vulnerability of the OPEC+ production restraint in keeping the energy complex heavily reliant upon a renewed expansion in risk appetite for any advances back to around this week’s highs,” said Jim Ritterbusch, president of Ritterbusch and Associates.

    Oil inventories remain bloated due to the evaporation of demand for fuel during the initial outbreak.

    “If we take a bigger picture view of the market, what stands out to us is that we have not yet seen much of a decline on the global inventory front,” JBC said.

    Today oil slips as traders eye supply cut easing at OPEC meeting.

    Oil slipped in early Asian trade on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

    Oil prices have recovered sharply from multi-decade lows in April after the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, cut output by a record 9.7 million barrels per day for three months since May.

    OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts.
    OPEC and Russia were expected to ease their supply cuts as global oil demand has recovered and prices have bounced back.

    “The planned easing of OPEC+ production cuts next month ... and a potential rebound in U.S. production could add pressure on the supply side of the equation,” Stephen Innes, chief global markets strategist at AxiCorp said in a note.

    Oil Future close 10th July, 2020

     

    Brent crude:

    $ 43.24 (+0.89)/brl

    FM contract delivery Sep

    Light crude (WTI):

    $ 40.55 (+0.93)/brl

    FM contract delivery Aug

    Gasoil ARA;

    $ 369.75 (+5.25)/mton

    FM contract delivery Aug (New)

    NY Harbor Ulsd:

    $ 382.12 (+5.33)/mton

    FM contract delivery Aug

     

     

     

     

    The Oil Market is trading at GMT 05.25: Brent – 32 cents and WTI – 33 cents
    Expect Fuel Oil prices to increase by 5 – 6 usd/mton today. MGO and NY Harbor Ulsd up about the same as the Fuel Oil 5 – 6 usd/mton.

    Brent crude:

    $ 43.24 (+0.89)/brl

    FM contract delivery Sep

    Light crude (WTI):

    $ 40.55 (+0.93)/brl

    FM contract delivery Aug

    Gasoil ARA;

    $ 369.75 (+5.25)/mton

    FM contract delivery Aug (New)

    NY Harbor Ulsd:

    $ 382.12 (+5.33)/mton

    FM contract delivery Aug




2020 August 4

18:36 UK publishes Guidance on financial sanctions for Maritime Industry
18:21 Avance Gas sells 2003-built VLGC Avance
17:45 Klaveness Combination Carriers takes delivery of the fourth CLEANBU vessel
17:03 Tallink Grupp publishes July 2020 passenger and cargo statistics
16:58 ADNOC L&S and Wanhua Chemical Group form Strategic Shipping Joint Venture
16:33 Dredging of Utrenny LNG terminal’s basin kicked off
16:02 MHI-MME receives generator turbine and VOC firing auxiliary boiler orders for shuttle tankers
15:51 Flag, coastal and port authorities from eight countries come together to encourage development of maritime autonomous surface ships
15:43 Port of Ust-Luga MRC’ priority is taking care of employees
14:50 NOVATEK’s transshipment terminal in Port of Ust-Luga undergoes overhaul
14:02 Stena Line starts new service Liepaja - Karlskrona - Travemünde
13:26 MRA sets its sights on distance training
13:12 DEME repatriates 75 Philippine crew members from 12 vessels worldwide by charter flight from Brussels South to Manila
12:15 Evergreen joins the Ship Recycling Transparency Initiative
11:07 The port of Kiel starts the Cruise Season 2020
10:22 Bunker sales in Vladivostok in Jan-Jul plummet 30%
09:36 Baltic Dry Index as of Aug 31
09:30 Crude oil futures become cheaper
09:23 MABUX: Bunker market this morning, Aug 04

2020 August 3

18:43 CMA CGM announces Peak Season Surcharge rates from North Europe to Indian Subcontinent
18:06 Total seven-month cargo traffic in Azov-Don basin in Jan-Jul down 6%
17:55 Inmarsat, Thetius and Shell Shipping and Maritime launch 'Crew Welfare Open Innovation Challenge'
17:25 The PV300 MS Mustai Karim leaves Krasnoye Sormovo Shipyard basin, sets sail for St. Petersburg
16:42 Spot market price for Russian M100 product ended week higher
16:06 Russian Gov’t approves regulation on crab boats construction incentives
15:32 Kalmar delivers four medium and heavy forklifts to support Yizheng Port in meeting safety and environmental requirements
15:26 RZD seven-month loaded freight down 4.4%
14:18 Ust-Luga Company wins the Ust-Luga Cup 2020
13:24 Borr Drilling Limited enters into a new contract and LOIs for three rigs
13:08 Long-awaited project of Kalmykia’s Lagan Port becomes part of the federal transport territorial planning
12:46 MSC Cruises and Palumbo Group form joint venture to operate the Palumbo Malta Shipyard
12:23 OHT wins contract for transport and installation of foundations at Dogger Bank
12:20 RZD to resume traffic via new rail bridge across the Kola as of October 1
11:46 Eagle Bulk reports the successful resolution of security incident onboard vessel
11:10 Buyan-class corvette Grayvoron departs for Novorossiysk sea trials base
09:48 Crude futures prices edge down
09:41 MABUX: Bunker market this morning, Aug 03
09:16 Baltic Dry Index as of July 31

2020 August 2

16:03 Kirby Corporation announces 2Q, 2020 Results
15:31 Bollinger delivers second of three USCG FRCs to be home-ported in Guam
14:37 Dennis de Bruin appointed Managing Director of Commercial Shipping Europe
13:52 ABS supports global offshore wind development with updated guidance
12:35 USCG sets port condition Zulu for Ports of Miami and Key West
11:24 Tony Goldsmith announced as new head of marine at law firm Hill Dickinson as David Wareing steps down
10:52 Sea Machines partners with Maine Maritime Academy & MARAD to include intelligent vessel systems in curriculum

2020 August 1

14:21 U.S. appoints coordinator for the Arctic Region
13:14 CMA CGM announces GRR for Asia-West Africa trade
12:44 Polarcus awarded 3D project in Asia Pacific
11:31 Pacific Basin announces 2020 interim results
10:53 EBRD supports decarbonisation of energy sector in Cyprus

2020 July 31

18:26 Fincantieri BOD approves 1H 2020 results
18:07 Vostochnaya Verf to launch 03141-series first crab catcher in autumn 2020
17:36 Holland America Line changes name of newbuild to Iconic Rotterdam and designates it the new flagship
17:07 October Revolution Shipyard rolls out small seiner for a Kamchatka fishing company
17:06 Alfa Lift signs contract for transport and installation of foundations at Dogger Bank
16:44 Ship recycling in Bangladesh leaps forward with third phase of key project signed
16:05 Cox production diesel outboards make their way to North America
15:36 Port of Vancouver USA receives longest wind blades ever
14:42 USCG medevacs mariner 35 miles offshore Freeport, Texas
13:44 OOCL announces new China Indonesia Philippines service