• 2020 October 9 08:59

    MABUX: Bunker Market this morning, Oct 9

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

    Oil Market close, yesterday evening Thursday

    Oil jumps on supply cuts in U.S. Gulf, wariness about North Sea, OPEC.

    Oil settled above $43 a barrel on Thursday on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.

    Markets rose sharply at noon on a Dow Jones report that Saudi Arabia is considering reversing course over OPEC’s planned production increase early next year.

    Brent crude settled up $1.35, or 3.2% to $43.34, after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude added $1.24 cents, or 3.1%, to $41.19 after falling 1.8% on Wednesday.

    Oil also gained support from the prospect of more production outages in the North Sea because of a workers’ strike. Oil firms and labour officials said they will meet with a state-appointed mediator on Friday in an attempt both sides hope will bring an end to a strike that threatens to cut Norway’s oil and gas output by some 25%.

    The Organization of the Petroleum Exporting Countries (OPEC) has been challenged by rising output in Libya, an OPEC member exempted from cutting output, as well as an increase in coronavirus cases in many areas of the world.

    “If true, the Saudis’ decision rewards the cheaters in OPEC while acknowledging the demand challenges that are still here,” said Phil Flynn, analyst at Price Futures Group in Chicago.

    “This potential extension of the cuts is definitely a positive for the markets and maybe provides the seasonal bottom that is happening anyway,” he said.
    The market has also drawn support from Hurricane Delta, which is forecast to intensify into a powerful, Category 3 storm in the Gulf Coast. Nearly 1.5 million barrels of daily output was halted.

    “Hurricane Delta is a crude oil supply event, and with all of this Gulf of Mexico production offline, we will probably lose more than 5 million barrels of crude oil due to the storm,” said Andrew Lipow, President of Lipow Oil Associates in Houston, Texas.

    Oil Market today, Friday morning
    Oil prices pause in week-long surge Norwegian strike drives strong gains.

    Oil prices eased a few cents early in trading on Friday in a breather at the end of a week of big gains propelled by a strike in Norway that raised the prospect of supply from the major producer being slashed by up to 25%.

    Brent was down by 9 cents at $43.25 a barrel by 0152 GMT, having gained more than 3% on Thursday. U.S. West Texas Intermediate (WTI) crude dropped 5 cents at $41.14.

    Both contracts are on track for gains of around 10% this week - the first rise in three weeks - yanked higher by the prospect of tighter supply on production outages in the North Sea because of the action by Norwegian oil workers.

    "This could see almost one million barrels a day of crude oil impacted," ANZ Research said in a note.

    Norwegian oil company and labour officials said they will meet with a state-appointed mediator on Friday in an attempt both sides hope will bring an end to a strike that threatens to strip out about a quarter of the country's oil and gas output.

    Elsewhere, market watchers are also bracing for the impact on U.S. production of Hurricane Delta, forecast to strike the Gulf Coast within hours. Nearly 1.5 million barrels of daily output has been halted so far.

    Oil Future close 8th October, 2020
    Brent crude:          $ 43.34 (+1.35) /brl         FM delivery Dec (FM=Front Month)
    Light crude (WTI): $ 41.19 (+1.24) /brl         FM delivery Nov
    Gasoil ARA;           $ 343.50 (+11.25) /mton  FM delivery Oct
    NY Harbor Ulsd:     $ 367.06 (+9.70) /mton   FM delivery Nov

    Oil Futures trading at GMT 05.17; Brent: $-0.10, WTI: $-0.06.

    Expect Oil prices steady today but increase of bunker prices based on Oil Future close last night: Fuel Oil world-wide up 8-10 usd/mton. (When we say Fuel Oil, it means 380 HS plus VLSFO together). MGO and NY Harbor Ulsd up 10-11 usd/mton.




2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat