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  • MABUX: Bunker Market this morning, Oct 7
  • 2020 October 7 08:34

    MABUX: Bunker Market this morning, Oct 7

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

    Oil Market close yesterday evening Tuesday

    Oil ends up on supply issues, mixed U.S. stimulus gives a bearish sign.

    Oil prices rose more than 2% on Tuesday, supported by expected supply disruptions from a hurricane approaching the Gulf of Mexico and an oil worker strike in Norway.

    The market slipped in post-settlement trading, however, after U.S. President Donald Trump said he was instructing his administration not to negotiate a stimulus package until after the Nov. 3 election.

    Brent crude futures settled at $42.65 a barrel, up $1.36 a barrel, or 3.29%. U.S. West Texas Intermediate (WTI) crude settled at $40.67 a barrel, rising $1.45, or 3.7%. In post-close trading, however, Brent fell to $42.19 while U.S. crude dropped to $40.13 a barrel.

    Oil prices eased further after the close following American Petroleum Institute data that showed U.S. crude stocks climbed 951,000 barrels last week compared with analysts’ expectations in a Reuters poll for a build of 294,000 barrels. [API/S]

    Trump returned to the White House following three days in the hospital for treatment for COVID-19. U.S. House Speaker Nancy Pelosi and U.S. Treasury Secretary Steven Mnuchin had been in negotiations for an additional $1.5 trillion to $2 trillion in economic stimulus before Trump’s tweet.

    “It looked like something was going to materialize, and now it has been blown up so everything is selling off,” said John Kilduff, partner at Again Capital LLC in New York.

    “The petroleum complex needed that stimulus to help stoke demand once again, and we’re obviously not getting it.”
    Energy companies shut offshore oil platforms as Hurricane Delta strengthened to a Category 2 and was on track to reach the Gulf of Mexico on Thursday. It would be the 10th named storm to hit the United States this year, which would break a record dating back more a century.

    Royal Dutch Shell Plc said it was evacuating nonessential workers from all nine of its offshore Gulf of Mexico operations and preparing to shut production. Equinor ASA and BHP Group Ltd also shut in production and evacuated workers.

    Norway’s petroleum output is down 8% due to an oil worker strike. A major labour union in the country is trying to resolve the dispute with oil companies, which have shut six offshore oil and gas fields.

    Oil Market today Wednesday morning

    U.S. stocks take a dive after Trump halts stimulus talks.

    Wall Street took a nosedive late in the session on Tuesday, reversing solid gains to close deep in negative territory after President Donald Trump announced he was calling off talks on coronavirus relief legislation until after the Nov. 3 election.

    All three major U.S. stock indexes closed more than 1% lower.

    “The markets finally ran out of hope Speaker (Nancy) Pelosi and (Treasury) Secretary (Steven) Mnuchin would pull a rabbit out of a hat,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

    Trump’s announcement in a tweet came on the heels of U.S. Federal Reserve Chair Jerome Powell’s warning of dire economic repercussions if Congress failed to pass additional fiscal stimulus.

    “Powell called for Congress to act quickly and Trump effectively pulled the rug out from under that,” said Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut. “It’s troubling, given the statements Chairman Powell made earlier today.”
    In remarks delivered online to the National Association for Business Economics, Powell warned the U.S. economy could slip into a downward spiral if the coronavirus is not contained and Congress fails to deliver additional fiscal support to businesses and households.
    Crude prices extended gains, boosted by supply disruptions from approaching storms in the Gulf of Mexico and an ongoing oil worker strike in Norway.
    Saudi Arabia raised pricing slightly for its flagship crude oil shipped to Asia, the first sign of strength in the physical market after a month and a half of weakness and crashing refining margins.

    The increase in November pricing marks a change in course for the world’s biggest exporter after it pared prices in September and October as crude use stagnated. It’s potentially a sign of confidence that OPEC+ supply cuts will buoy the market even as the pandemic crimps demand.

    Oil Future close 6th October, 2020

    Brent crude:          $ 42.65 (+1.36) /brl         FM delivery Dec (FM=Front Month)
    Light crude (WTI): $ 40.67 (+1.45) /brl         FM delivery Nov
    Gasoil ARA;           $ 341.75 (+12.75) /mton  FM delivery Oct
    NY Harbor Ulsd:    $ 365.92 (+17.02) /mton   FM delivery Nov

    Oil Futures trading at GMT 05.00; Brent: $-.61, WTI: $-0.78.

    Expect bunker prices to continue upward also today, based on Oil Future close last night. Fuel Oil all up 8 - 9 usd/mton. MGO up 12 usd/mton and NY Harbor Ulsd up in big numbers again 17 usd/mton.




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
09:46 Northern Sea Route cargo traffic rose by 4.5%
09:29 Crude oil prices rise driven by roaring demand
09:13 Baltic Dry Index as of October 15

2021 October 17

16:28 Revenue Cutter Bear located, ending decades-long mystery
15:19 Port Everglades new Heron Garage touts solar power, moving walkway
14:38 JAXPORT welcomes passenger vessel Ocean Explorer for port-of-call visit
13:27 Canadian fishing company chooses Skipsteknisk design
12:11 Mayflower Wind signs agreement with Gladding-Hearn for design/build of hybrid electric offshore wind crew transfer vessel
11:03 USCG commissions fast response cutter Emlen Tunnell

2021 October 16

12:38 MYCRANE signs MoU with Swiss-based EPCM, PESCO Switzerland AG
10:19 Star Pride delivered at the Fincantieri shipyard in Palermo
09:37 Three zero-emission harbour tugs mark Corvus Energy’s 500th project order
08:16 Rolls-Royce launches mtu hydrogen solutions for power generation

2021 October 15

18:27 Sea Machines uses biofuel to power tug Nellie Bly on long-haul autonomous journey
18:07 Dublin Port Company to open €48m Dublin Inland Port
17:53 Danfoss Editron powering the first fast crew supply vessel able to compete with helicopter transfers
17:33 Tsawwassen First Nation and the Vancouver Fraser Port Authority sign renewed Relationship Agreement
17:09 Sevmash completed manufacturing of sections for offshore ice-resistant fixed platform LSP "A"
16:40 Global Ports Holding positions Kalundborg as an alternative to Copenhagen
16:33 Duisburg Rail Terminal welcomed the one millionth unit since it started the operations in 2013
15:13 Klaveness Combination Carriers signs a Letter of Intent with Shipshave AS to implement its semi-autonomous hull cleaning solution across its fleet
14:31 Wärtsilä next generation navigation simulator to power the Centre of Excellence in Maritime Safety in Singapore
14:09 Coral Consortium working on a water drone to regularly monitor water quality in the basins of the Port of Gdańsk
13:53 Port of San Diego adopts most ambitious maritime clean air strategy of its kind in California
13:22 LNGnews.RU supports 5th LNG Fleet, LNG Bunkering and Alternatives conference as its Media Partner
13:02 A.P. Moller - Maersk enters strategic partnership with Danish Crown on global end-to-end logistics
12:36 GTT is selected by Hyundai Heavy Industries to equip the tanks of two new LNG-fueled container vessels with its membrane containment technology and smart shipping solutions
11:47 Russian-Chinese joint naval exercise is underway in the Sea of Japan
11:23 Transneft Kozmino Port starts construction of maintenance site for servicing mariculture site
10:08 MABUX: Bunker prices may continue slight upward changes on Oct.15
10:02 Port of Long Beach has second-busiest September
09:56 Port of Oakland’s Danny Wan heads statewide port group
09:51 Rosneft sells 5% in Vostok Oil to a consortium of Vitol and MME
09:32 Crude oil prices rise driven by demand growth
09:19 Baltic Dry Index as of October 14

2021 October 14

18:05 MOL, SoftBank and e5 Lab start joint studies for next-generation maritime high-speed satellite communications
17:54 Glavgosexpertiza approves construction of tank for light oil products at IPP terminal in Novorossiysk
17:35 Sembo secures $12m investment from Stena Line
17:15 Jan De Nul signs T&I contract for Gode Wind 3 & Borkum Riffgrund 3