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  • MABUX: Bunker market this morning, Sep 02
  • 2020 September 2 09:08

    MABUX: Bunker market this morning, Sep 02

    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) demonstrated slight irregular changes on September 01:

    380 HSFO: USD/MT 315.82 (+0.19)
    VLSFO: USD/MT 366.00 (-1.00)
    MGO: USD/MT 443.75 (-0.82)

    Meantime, world oil indexes demonstrated upward changes on Sep.01 on positive economic news from China, and plans by the UAE's state oil company to reduce crude oil supplies by as much as 30 percent in October.

    Brent for November settlement increased by $0.30 to $45.58 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October rose by $0.15 to $42.76 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.82 to WTI. Gasoil for September delivery added $3.75.

    Today morning oil indexes rise after the American Petroleum Institute (API) announced a larger-than expected draw in crude oil inventory.

    API reported a 6.360 million-barrel draw for the week ended August 28, much larger than the forecast of 1.950 million, and the previous week’s 4.524 million-barrel draw. The market will now be looking at the U.S. Energy Information Administration’s figures on crude oil supply, due later in the day.

    Strong Chinese manufacturing data also lifted oil prices. The Caixin Media Co. & Markit Manufacturing Purchasing Managers' Index (PMI) showed China's factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year. The demand in China has also driven the current rise in oil prices, but weaker crude imports could limit the rally, especially if the demand recovery in Europe and the U.S. fails to materialize in September.

    Also supporting oil was better-than-expected U.S. manufacturing activity data released on Tuesday. August’s ISM Manufacturing Purchasing Managers Index (PMI) rose to 56, beating July’s reading of 54.2 and the 54.5 forecast. A rise in new orders saw the index climb to its highest level in more than a year.

    At the same time, slower-than-expected resumption of oil output in the United States after Hurricane Laura raised concerns over tighter supply. Output in the Gulf of Mexico is slowly recovering as activity resumes and was down by 525,099 barrels per day, or 28.4% of the region’s daily production, on Sep.1. 71 of the 643 manned platforms in the Gulf of Mexico remain closed in the aftermath of the storm that hit the region last week - the number was down from 117 platforms on Aug.31.

    The decline of U.S dollar gave some support to oil indexes. The USD was down 0.04% at 92.146 against a basket of currencies, after hitting its lowest since May 2018 in the wake of the U.S. Federal Reserve's policy shift on inflation announced last week. The weakening U.S. dollar makes oil and other commodities priced in dollars more attractive to global buyers.

    The U.S. Energy Information Administration U.S. said in a monthly report on Sep.01 that U.S oil production rose in June, but did not fully recover from a dramatic plunge in May. U.S. oil output rose 420,000 barrels per day in June to 10.436 million barrels a day. Production remained far below April levels of 11.99 million bpd. U.S. oil output had dropped sharply in the previous month as producers had scaled back as oil prices sank and demand fell due to the coronavirus pandemic and global oversupply.

    Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said that its oil output reportedly rose by around 1 million barrels per day (bpd) in August. A sharp drop in fuel demand due to COVID-19 prompted OPEC+ to cut production by a record 9.7 million bpd from May 1, but this cut was eased to 7.7 million bpd from Aug. 1, with the eased cuts to remain in place until December. In August, OPEC countries bound by the deal delivered 99% of the pledged reduction. Compliance in July was revised up to 95%.

    Goldman Sachs expects Brent crude to reach $65 a barrel in the third quarter of 2021, although it could end the year lower, at $58 a barrel. It is also said it is expected WTI to rally to $55.88 a barrel by the third quarter of next year, up from $51.38 a barrel in earlier forecasts. Separately, Goldman analysts said back in July that demand for oil would likely recover to pre-crisis levels by 2022, spurred by a return to work for millions, a shift towards more private transport, and government support in the form of infrastructure spending. In their latest note, the investment bank's analysts said they expected oil demand to improve by 3.7 million bpd between January and August next year, while supply remains capped thanks to OPEC+' continuing production cuts and a modest increase in non-OPEC supply.

    At the same time, the market also assessing the stalled recovery in fuel demand as countries continue to battle the coronavirus pandemic with rolling COVID-19 lockdowns. This has created uncertainty about whether demand for transportation fuels will ever return to normal.

    We expect bunker prices may increase today: 1-3 USD up for IFO and 2-4 USD up for MGO.




2021 October 20

13:20 Port of Oakland sees no backlog on docks, calls for cargo
12:52 Japanese company Kubota chooses port of Rotterdam for Northern European distribution
12:39 Crowley participates in Saildrone Inc’s $100M Series C round to advance ocean intelligence products
12:02 Global Ports terminal In Helsinki increases number of container services
11:54 Port Houston container volumes up 11% to 281,500 TEUs in September 2021
11:40 Sibanthracite Group acknowledged as best supplier of coal to China for second consecutive year
11:16 MPA and DMU signed MoU to drive talent and academic exchange in the maritime sector
10:51 Mitsubishi Shipbuilding successfully separates and captures CO2 from exhaust gas in world’s first marine-based CO2 capture system project
10:28 Modernization of border checkpoint completed in Kavkaz seaport
10:06 RF President gives instructions on permanent environmental monitoring in areas of handling dry bulk cargo and cargo emitting dust
09:45 MABUX: No firm price trend on Bunker market on Oct 20
09:35 Crude oil prices decrease on US reserves growth
09:19 Baltic Dry Index as of October 19

2021 October 19

18:24 Ocean Yield ASA sells two LR2 tankers
17:44 Klaveness Combination Carriers sells a 21-years old CABU vessel
17:22 Oboronlogistics delivers cargo for the construction of a cultural cluster in Kaliningrad
16:58 North Sea Port, Zeeland Regional Safety Board and Central Fire Response Zone join forces for cross-border incident response in the port area
16:35 European shipowners support the uptake of clean fuels but fear FuelEU may become missed opportunity due to enforcement loopholes - ECSA
16:20 9M’2020 throughput of Taganrog Sea Commercial Port grew by 6% Y-o-Y
16:05 Fuelling the Industry: LNG as a fuel and its infrastructure at the 8th International Congress
16:04 Empire Offshore Wind selects Vestas as its preferred supplier for wind turbine generators for Empire Wind I and Empire Wind II
15:41 The decarbonization strategy likely is now the best business strategy for shipowners - ABS
15:13 Bollinger celebrates commissioning of 45th Fast Response Cutter USCGC Emlen Tunnel
14:51 RF Government and Rosatom instructed to organize regular transportation of transit cargo by NSR
14:30 Port of Rotterdam throughput rises substantially again in Q3 2021
14:03 Valenciaport throughput up 8.33% to 63.46 mln tonnes in Jan-Sept 2021
14:02 Ice restrictions in Port of Sabetta basin to be effective as of Oct 25
13:39 TGE Marine announces the successful gas trail of LNG bunker vessel ´Dmitry Mendeleev´
13:08 Port of Antwerp throughput up by 4.8% to 179.1% mln tonnes in Jan-Sept 2021
12:54 Cargo traffic via Khabarovsk Territory ports rose by 3% in 9M’21
12:33 Vitol’s V-Bunkers receives green ship awards from Maritime Port Authority of Singapore
12:15 The Methanol Institute welcomes the European Union’s package of proposals Fit for 55
11:36 Volga Shipping announces completion of three tankers conversion project
10:46 MABUX: Bunker prices may demonstrate multidirectional changes on Oct 19
10:11 Russian Gas Society supports 5th LNG Fleet, LNG Bunkering and Alternatives conference
10:09 Berenberg expands debt fund portfolio with two new multi-investor funds
09:46 Baltic Dry Index as of October 18
09:25 Crude oil prices rise on crisis anticipation
09:13 Roxtec selects Sustainable Marine Fuels

2021 October 18

18:07 OneOcean Group brings voyage optimisation solutions to Marlink Partner Programme
17:53 NOVATEK held its first Arctic LNG Projects Shipowners Conference
17:49 MOL tabletop drill prepares for serious marine accident
17:29 Over 40 ships and boats of RF Navy's Black Sea Fleet took part in large-scale exercise at Opuk training ground in Crimea
16:52 Icebreaker Kapitan Khlebnikov to help deliver new components for the Vostok Station in the Antarctic
16:16 Throughput of Russian seaports in 9M’2021 climbed by 1.7% (detalization)
15:48 Four industry focused educational institutions to take part in 5th LNG Fleet, LNG Bunkering and Alternatives conference
15:25 Baltiysky Zavod shipyard casts forth one-piece propeller for Project MR-50 product tanker
15:03 Nemport orders fleet of Konecranes Noell RTGs
14:13 Average spot market price for Russian M100 product rose to RUB 29,186 pmt
13:51 MOL, MAN ES and MES-M sign MoU aiming to order ammonia fueled main engine for ships
13:42 National Chamber of Engineers supports 5th LNG Fleet, LNG Bunkering and Alternatives conference as its Media Partner
13:00 Port of Ventspils throughput in January-September 2021 fell by 14% YoY
12:40 The Port of València will install a hydrogen supply station in January
12:36 Port of Helsinki throughput in January-September 2021 rose by 7.9% YoY
12:14 Port of HaminaKotka cargo turnover in 9M’2021 fell by 2.1%
11:29 Container throughput of Hong Kong port (China) in January-September 2021 rose by 0.1%
10:57 APM Terminals appoints new Head of Decarbonisation
10:48 Port of Liepaja throughput in 9M’2021 climbed by 8% Y-o-Y
10:25 Global Ports’ Consolidated Marine Container Throughput increased by 4.0% y-o-y in 9m 2021
09:53 MABUX: Bunker prices may rise on Oct 18