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  • Bunker Market this morning, July 29, 2020
  • 2020 July 29 08:54

    Bunker Market this morning, July 29, 2020

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

    Oil prices fell on Tuesday as U.S. lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide.

    Brent crude futures fell 19 cents, or 0.4%, to settle at $43.22 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 56 cents, or 1.4%, to settle at $41.04 a barrel.

    Brent is still on track for a fourth monthly rise, and U.S. crude is expected to gain for a third month.

    U.S. Republicans on Monday unveiled a new coronavirus relief proposal hammered out with the White House, four days before millions of Americans lose expanded unemployment benefits. The package is facing opposition both from Democrats and from some Republicans, however.

    “There’s concern with the stimulus out of Washington, which is critical to the oil complex and to supporting demand, especially for gasoline,” said John Kilduff, partner at Again Capital LLC in New York. Kilduff added that the longer the talks drag out, the more it will weigh on market sentiment.

    Also a negative for prices, U.S. consumer confidence ebbed in July amid a flare-up in COVID-19 infections across the country. Cases worldwide have risen to around 16.57 million people.

    Investors are awaiting the outcome of the U.S. Federal Reserve’s policy-setting panel meeting on Tuesday and Wednesday. The panel is expected to reiterate that interest rates will remain near zero for years to come.

    This month, Brent crude has fallen deeper into contango, a market structure in which the future price of the commodity is higher than the spot price, encouraging a build-up of inventories.

    October prices were as much as 53 cents per barrel above September levels, compared with a 1 cent difference in early July.

    “This suggests that the tightening we were seeing in the market has eased somewhat, with the demand outlook more uncertain given the resurgence of COVID-19 cases in some regions,” said Warren Patterson, ING’s head of commodities strategy.

    U.S. crude inventories fell by 6.8 million barrels in the week to July 24 to 531 million barrels, data from industry group the American Petroleum Institute showed on Tuesday, compared with analysts’ expectations for a build of 357,000 barrels. U.S. government data is due Wednesday.
    Elsewhere, Indian refiners are cutting crude processing and shutting units for maintenance as local fuel demand falls and global refining margins are weak, officials at the companies said.

    Today Oil is expected to rise after surprise drop in U.S. inventories offsets demand concerns.

    Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. But the rise didn’t last long, oil prices are back again unchanged.

    Analysts’ expectations were for an increase of 357,000 barrels. U.S. government data is due Wednesday.

    “This should temporarily alleviate some concerns about ongoing demand distress,” Stephen Innes, chief global markets strategist at AxiCorp said in a note.

    The raging COVID-19 pandemic is keeping alive concerns about falling fuel demand causing an oversupplied market as record numbers of infections are reported globally, including the U.S., the world’s biggest consumer of oil.

    Four U.S. states reported one-day records for coronavirus deaths on Tuesday and cases in Texas, 28th of July, 2020



     

     

    Oil Futures trading at GMT 07.32; Brent: +$0.01, WTI: -$0.10.

    Oil Market closed slightly down yesterday. The increased spread of Covid-19 is hampering the expected demand for oil.

    Bunker prices such as ICE Fuel Oil and MGO little change today. NYMEX Fuel Oil and NY Harbor Ulsd both products are expected to drop 3-4 usd/mton.
    Expect the general bunker price trend downward.

    Note: Always start to predict today’s bunker prices in accordance to Oil Future differentials at closing the day before. – Don’t create bunker prices from current Oil Futures, due to too short trading period, also live and changing values every split second. Use the current live Oil Future prices only as a guidance for what can be expected forward like tomorrow.




2022 July 1

18:21 “K” Line has enhanced the shipboard cyber security with surveillance of ship’s communication 24/7
17:57 IAA PortNews’ summary of previous week news
17:34 INPEX, IHI, MOL demonstrate clean ammonia supply chain linking UAE and Japan
17:18 Stolt-Nielsen Limited reports unaudited results for the 2Q and 1H, 2022
17:00 Emperium launches electric catamaran Ecohod
16:44 R-FLOT lays down two small cruise ships
16:23 Austal USA awarded up to US$3.3 bn contract for 11 USCG offshore patrol cutters
16:07 Freeport LNG says it may resume partial liquefication operations in early Oct 2022
15:47 TotalEnergies Marine Fuels and MOL Group complete first biofuel bunker operation of a vehicle carrier in Singapore
15:28 State Duma approves bill on increasing fines for violation of coal handling regulations
15:10 DEME Group lists on Euronext Brussels
14:49 CPC Marine Terminal operates two of its three Single Point Moorings
14:27 CPC Terminal paid over RUB 5.28 billion for recovery of damage caused by oil spill
14:27 PM Fumio Kishida says Sakhalin 2’s new operator will not cause an immediate halt in LNG shipments to Japan
14:05 Spartacus nominated for KNVTS Ship of the Year
13:42 2 MOL-operated vessels earn 2021 'Best Quality Ship Awards'
13:20 Port of Houston container activity rises 20% in May 2022
13:03 Petersburg Oil Terminal confirms its ISO compliance
12:44 Monthly LNG imports from USA to EU in June for the first time exceeded gas supplied via pipeline from Russia – IEA
12:40 Solstad Offshore announces contract awards for two CSVs
12:25 Russian Railways' network loading fell by 2.8% in HI’2022
12:10 Maersk Tankers launches a new digital solution to track and report vessel emissions
12:00 Hiab launches next generation LOGLIFT forestry cranes
11:42 RF Government to establish new operator of Sakhalin Energy
11:30 Port of Rotterdam Authority abandons Normal Amsterdam Water Level after 200 years
11:18 Prelude FLNG cancels cargo deliveries amid union strike - Natural Gas Intelligence
11:01 INPEX, IHI, MOL demonstrate clean ammonia supply chain linking UAE and Japan
10:33 Maersk to reduce transit times by 5 -21 days from Asia to Northern Italy
10:21 Rosatom issued first five permits for navigation in NSR waters within summer-autumn season of 2022
10:15 The Twin-Port V project of the ports of Helsinki and Tallinn receives a total of EUR 6.8 million in EU funding
10:09 GTT signs a major contract for its "smart shipping" solution with an important player in liquefied gas shipping
09:52 Ports of Stockholm and CMB.TECH join forces in a hydrogen collaboration at Stockholm Norvik Port
09:16 Crude oil futures decrease in response to OPEC+ decisions
09:05 MABUX: Firm downward trend to continue in Global bunker market on July 01
08:32 Boskalis and Keppel sell their harbor towage activities in Singapore and Malaysia to Rimorchiatori Mediterranei
08:07 CMA CGM and ENGIE set to co-invest in the Salamander project, to produce second-generation biomethane
07:51 Industry-leading digital services rolled out at APM Terminals Valencia

2022 June 30

18:41 Ocean Yield agrees to purchase two 36,000 cbm liquified ethylene gas carrier newbuildings
18:12 Aker Solutions wins 5-year partnership agreement with Vår Energi
18:07 The icebreaking season 2021–2022 was exceptionally long - Finnish Transport Infrastructure Agency
17:47 The Signal Group launches a tech enabled bunker procurement company
17:34 2,8 million euro worth of EU funding to the Port of Tallinn
17:02 The Suez Canal Economic Zone hosts a round table discussion in coordination with the European Bank for Reconstruction and Development
16:47 Rosmorrechflot estimated excess of Caspian Basin seaports’ capacity at 12 million tonnes per year
16:35 Second Great Lakes Dredge & Dock Company trailing suction hopper dredge to be built to ABS Class at Conrad Shipyard
15:30 RF Government to subsidize banks’ interest rates on loans provided for construction of new transport and logistics centers
15:02 Schedule reliability remains between 30% and 40% - Sea-Intelligence
14:44 Khabarovsk Shipyard lays down non-self-propelled dredger of Project 4395
14:23 Ocean Yield AS announces delivery of newbuilding Suezmax tanker with 10-year charter
13:49 MABUX: Bunker Weekly Outlook, Week 26, 2022
13:32 Shipping companies and Customs authorities come together to step up the fight against narcotics trafficking
13:02 NYK becomes signatory to UN’s Sustainable Ocean Principles
12:42 DP World and NIIF announce broadening of partnership in India
12:12 MacGregor signs a five-year service agreement with Color Line
11:52 TGE Marine announces contract for two CO2 carriers
11:35 Shell to sign deal with Qatar for large LNG project - Bloomberg
11:17 Throughput of Russian seaports in H1’22 is flat, y-o-y, at 412.1 million tonnes
11:13 Shell and CMA CGM sign LNG fuel supply agreement in Singapore
10:38 G7 reaffirms the commitment to phase out the dependency on Russian energy
10:34 Northern Shipping Company’s MV Kholmogory delivered first batch of cargo to Kaliningrad