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  • MABUX: Bunker Market this morning, Nov 19
  • 2020 November 19 09:48

    MABUX: Bunker Market this morning, Nov 19

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

    Oil prices firmed by about 1% on Wednesday on hopes OPEC and its allies will delay The market was also supported by a smaller-than-expected increase in U.S. crude stockpiles last week.

    Brent crude rose 59 cents, or 1.4%, to settle at $44.34 a barrel while U.S. West Texas Intermediate crude gained 39 cents, or 0.9%, to end the session at $41.82.
    Both contracts jumped by about $1 after Pfizer Inc said that final results from late-stage trial of its vaccine showed it was 95% effective. Last week it had put the efficacy at more than 90%.

    Moderna Inc on Monday said that preliminary data for its vaccine also showed it was almost 95% effective.

    “Oil prices yesterday were modestly rising on hopes that OPEC+ will decide to postpone its planned production increase in January and on the latest vaccine euphoria,” said Rystad Energy’s head of oil markets, Bjornar Tonhaugen.

    In the United States, crude inventories rose 768,000 barrels last week, compared with analyst expectations in a Reuters poll for a 1.7 million-barrel rise, government data showed. Distillate stockpiles, which include diesel and heating oil, fell by 5.2 million barrels, far exceeding expectations.

    Oil futures eased on Thursday, surrendering some gains from the previous day as the surge in coronavirus cases and tighter economic restrictions around the globe stoked fears over slower fuel demand, outweighing upbeat vaccine news.

    Brent crude futures shed 17 cents, or 0.4%, to $44.17 a barrel by 0345 GMT, after gaining 1.4% on the previous day. U.S. West Texas Intermediate crude declined 29 cents, or 0.7%, to $41.53 a barrel, having risen nearly 1% on Wednesday.

    “The spread of coronavirus infection and fresh restrictions in the United States and other parts of the world hit market sentiment as it would hamper fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Co.

    “Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month,” he said. The U.S. death toll from COVID-19 surpassed a grim new milestone of 250,000 lives lost on Wednesday, as New York City’s public school system, the nation’s largest, called a halt to in-classroom instruction, citing a jump in coronavirus infection rates.

    Daily coronavirus cases in Tokyo and South Korea hit fresh highs, as pollution-cloaked New Delhi struggled with rising cases and Australia reported a highly contagious virus strain which forced a state-wide lockdown.

    Worries about coronavirus-related economic damage overshadowed upbeat news from Pfizer and BioNTech that are seeking U.S. and European authorization for their COVID-19 vaccines next month.

    Boosting worries about oversupply, Libya's National Oil Corporation (NOC) and France's Total discussed NOC's efforts to raise capacity and increase production rates to the highest levels.

    Supporting prices, U.S. crude inventories rose 768,000 barrels last week, less than analyst expectations in a Reuters poll for a 1.7 million-barrel rise, government data showed. Distillate stockpiles, which include diesel and heating oil, fell by 5.2 million barrels, far exceeding expectations. [EIA/S]

    “Still, lingering worries over a global supply glut, especially with the COVID-19-hit economies, will likely limit upside of oil prices,” Fujitomi’s Saito said, predicting WTI to be traded between $40 and $42 a barrel until the OPEC+ meeting later this month.

    OPEC+, comprising the Organization of the Petroleum Exporting Countries, Russia and other producers, is due to discuss policy at a full ministerial meeting to be held on Nov. 30 and Dec. 1.

    Members of OPEC+ are leaning towards delaying the current plan to boost output in January by 2 million barrels per day (bpd), sources have said.

    Oil Future close 18th November, 2020
    Brent crude:          $ 44.34 (+0.59) /brl                FM delivery Jan (FM=Front Month)
    Light crude (WTI): $ 41.82 (+0.39) /brl                FM delivery Dec
    Gasoil ARA;           $ 360.75 (+10.50) /mton         FM delivery Dec
    NY Harbor Ulsd:     $ 389.14 (+7.67) /mton          FM delivery Dec  

    Oil Futures trading at GMT 07.14; Brent: $-0.26, WTI: $-0.51.

    Expect Fuel Oil prices will increase by +2-3 USD/MTON (Fuel Oil, means 380 HS plus VLSFO together).

    MGO expected to increase by +10 USD/MTON NY Harbor Ulsd expected to increase by +8 usd/mton. All prices are based on Oil Future close last night Wednesday evening.




2021 December 5

15:03 GasLog Ltd. places order at DSME for four 174000m3 gas carriers
13:27 USCG holds annual SaR exercise off Maui
12:33 Port of Felixstowe tops 100 million TEU
11:51 Vuosaari fairway deepening project completed on schedule, safely and under budget
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2021 December 4

15:21 MOL and Flotation Energy to explore offshore floating wind in Japan
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13:09 USCG, royal Turks and Caicos Islands Police Force sign MOU
12:34 The Hurtigruten terminal has been renamed Jektevik terminal
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2021 December 3

18:26 Hydrographic Company set to establish Center of Engineering and Technical Expertise
18:07 ABP Humber complete oil spill incident management exercise
17:52 Wärtsilä OPTI-DP Engagement Tool supporting the marine industry to configure optimised propulsion arrangements for DP vessels
17:45 Ocean Network Express conducts a joint crisis management drill with Seaspan Corporation
17:40 Transport Strategy of Russia until 2030 with forecast until 2035 published on official portal
17:22 MSC adds Hamburg to its feeder service „Baltic Loop 3“
17:02 Vyborg Shipyard launches KMT01 trawler named Kara Sea
16:32 South African minister visits Port of Rotterdam to discuss hydrogen exports
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15:31 Four Jones Act CTVs built to ABS Class to support U.S. offshore wind development
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14:03 Jurong Port joins the Castor Initiative
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12:17 Sailing practice of 2021 on Mir sailing ship successfully completed
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09:35 Crude oil prices rise on OPEC+ decision to keep oil output increase in January
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2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
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16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
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09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1