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  • Bunker Market this morning, July 30, 2020
  • 2020 July 30 09:02

    Bunker Market this morning, July 30, 2020

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

    Oil prices rose on Wednesday after a steep drop in U.S. crude inventories, but another record day for coronavirus cases worldwide kept gains in check.

    Brent crude futures LCOc1 settled at $43.75 a barrel, up 53 cents, or 1.2%. U.S. West Texas Intermediate crude futures CLc1 settled at $41.27 a barrel, gaining 23 cents, or 0.6%.

    U.S. crude oil inventories fell by 10.6 million barrels last week to 526 million barrels, the Energy Information Administration said, the largest drawdown since December.

    Net U.S. crude imports fell 1 million barrels per day to 1.9 million bpd, the EIA said.

    The fall in crude stocks was likely a result of supply cuts, agreed in April by the Organization of the Petroleum Exporting Countries and its allies, finally being realized.

    “The expectation is that the OPEC cuts are going to lead to bigger draws in the United States and this could be the beginning of it,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

    A record number of new coronavirus infections were reported globally. In the United States, more then 150,000 people have died from the novel coronavirus - the most for any country - having risen by 10,000 in 11 days, according to a Reuters tally.

    “The virus is spreading like wildfire across the Americas while Europe and Asia are displaying worrying signs of a second surge in cases,” said Stephen Brennock of oil brokerage PVM.

    Six U.S. states reported one-day records for coronavirus deaths and Texas cases passed the 400,000 mark.

    Attempts to provide relief amid the outbreak were in disarray after U.S. Republicans on Tuesday disagreed over their own plan for providing $1 trillion in new coronavirus aid. The U.S. Federal Reserve pledged to continue to help prop up the economy, providing some support to oil.
    Oil holds steady as virus concerns weigh on demand hopes.
    Oil prices were little changed on Thursday, restrained by concerns that surging coronavirus infections could jeopardize a recovery in fuel demand just as major oil producers are set to raise output.

    The most active Brent crude contract for October was up 4 cents or 0.1% at $44.13 a barrel at 0330 GMT. The September Brent contract, which is expiring on Friday, was unchanged at $43.75 a barrel in light trading.

    U.S. West Texas Intermediate (WTI) crude futures were down one cent at $41.26 a barrel.

    Both benchmark contracts rose on Wednesday after the U.S. Energy Information Administration (EIA) reported the largest one-week fall in crude stocks since December.

    U.S. crude inventories fell by 10.6 million barrels in the week to July 24 to 526 million barrels, compared with analysts’ expectations for a 357,000-barrel rise.

    However, U.S. gasoline and distillate stocks, which include diesel and heating oil, both rose against expectations for inventories to fall - highlighting the patchy nature of the recovery in fuel demand.

    “The market’s relative non-plussed reaction to the colossal beat on the EIA print was likely due to a report including a considerable fall in U.S. imports,” said Stephen Innes, chief global market strategist at AxiCorp.

    “The gasoline glut provides the poor eye candy in the report, which reinforces the fact this is not your typical U.S. driving season as the pandemic continues to ravage the U.S. sunbelt.”

    Prices were anchored on Thursday by demand concerns with a rise in COVID-19 infections raising the prospect for lockdowns to be reimposed.

    “As long as we’re recording new daily cases, the risk for oil demand is just too strong,” said Vivek Dhar, a commodities analyst at Commonwealth Bank of Australia.

    Deaths from COVID-19 topped 150,000 in the United States on Wednesday, while Brazil, with the world’s second-worst outbreak, set new daily records of confirmed cases and deaths. New infections in Australia hit a record on Thursday.

    The potential hit to the demand rebound comes just as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are set to step up output in August, adding about 1.5 million barrels per day to global supply.

    Oil Future close 29th July, 2020

    Brent crude:

    $ 43.75 (+0.53) /brl

    FM delivery Sept

    Light crude (WTI):

    $ 41.27 (+0.23) /brl

    FM delivery Sept

    Gasoil ARA;

    $ 377.25 (+6.25) /mton

    FM delivery Aug

    NY Harbor Ulsd:

    $ 385.84 (+3.45) /mton

    FM delivery Aug

     

     

     

     

    Oil Futures trading at GMT 07.24; Brent: -$0.08, WTI: -$0.06.

    Oil Market closed upward based on relative big draw from U.S. crude inventories.  Demand concerns with a rise in COVID-19 is hampering the expected demand for oil.

    Expect bunker prices to increase, Fuel Oil +2-4 usd/mton, MGO +6 usd/mton and
    NY Harbor Ulsd +4 usd/mton.
    Trend: Expect the general bunker price trend irregular today. As long as we’re recording new daily cases COVID-19, the risk for oil demand is just too strong and oil prices is likely to drop.

    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.




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