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  • MABUX: Bunker Market this morning, Nov 25
  • 2020 November 25 09:48

    MABUX: Bunker Market this morning, Nov 25

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

    Oil rose about 4% on Tuesday to touch highs not seen since March as a third promising coronavirus vaccine raised hope for fuel- demand recovery and U.S. President-elect Joe Biden began his transition to the White House.

    Brent crude settled at $47.86 a barrel, gaining $1.80, or 3.9%. U.S. West Texas Intermediate crude settled at $44.91 a barrel, rising $1.85 or 4.3%. Both benchmarks ended at their highest close since March 5.

    AstraZeneca on Monday said its COVID-19 vaccine was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic another potential vaccine after positive results from Pfizer-BioNTech and Moderna.

    However, the vaccine will not be readily available for several months, meaning people will likely restrict travel and other activities through next year to try to slow the spread of the disease.

    “The petroleum complex is the vaccine trade,” said John Kilduff, partner at Again Capital in New York. “Until we can see the other side of the pandemic, the market is going to be mired in slack demand that is going to keep the overhang extensive.”

    The coronavirus pandemic, coupled with the collapse of an OPEC-led output pact, sent prices crashing in March.

    After the collapse of that output pact led to a brief Saudi Arabia-Russia price war, the Organization of the Petroleum Exporting Countries and allies agreed a new deal on record production cuts to support prices.

    The group known as OPEC+ is expected to roll over those cuts into 2021 after meeting Nov. 30 to Dec. 1, following technical talks this week.

    Oil prices pared gains slightly in post-settlement trade after the American Petroleum Institute, an industry group, reported U.S. crude inventories rose by 3.8 million barrels in the week to Nov. 20 to about 490 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 127,000 barrels.

    Official U.S. government crude stocks data will be released today Wednesday.

    Oil rose for a fourth straight day on Wednesday, shrugging off an industry report showing a higher-than-unexpected rise in U.S. crude stockpiles and extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.

    Brent Crude was up 54 cents, or 1.1%, at $48.40 a barrel by 0247 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 47 cents, or 1.1%, to $45.38 a barrel, after rising more than 4% on Tuesday.

    Both contracts are at their highest since early March and have rallied nearly 10% in the last four days.

    “The broader market is in de-risk mode as we now have three effective vaccines that can combat the virus,” said Kevin Solomon, energy economic analyst at StoneX.
    However, any viable vaccine is not likely to be ready for mass use in the next few months, meaning lockdowns and travel restrictions will be in place into next year.

    That makes it likely that OPEC+, which groups the Organization of the Petroleum Export Countries (OPEC) and allies including Russia, will continue production cuts into 2021 after a meeting set to start on Nov. 30 following technical talks this week.

    OPEC+ producers have been withholding supplies to support prices after pandemic lockdowns earlier this year caused an evaporation in demand.
    They are currently due to increase production by 2 million barrels per day -- about 2% of global demand before the pandemic -- from January.

    Oil Future close 24th November,
    Brent crude:          $ 47.86 (+1.80) /brl          FM delivery Jan (FM=Front Month)
    Light crude (WTI): $ 44.91 (+1.85) /brl          FM delivery Jan
    Gasoil ARA;           $ 388.75 (+18.50) /mton   FM delivery Dec
    NY Harbor Ulsd:     $ 418.54 (+15.09) /mton  FM delivery Dec

    Oil Futures trading at GMT 07.00; Brent: $+0.38 WTI: $+0.30. – Tendency upward.

    Fuel oil prices are expected to increase in big numbers today like plus 12-14 USD/MTON. (Fuel Oil, means 380 HS and VLSFO together), as well as MGO – 18 USD/MTON and for NY Harbor ULSD an increase of 15 usd/mton today.

    All prices are based on Oil Future close yesterday evening Tuesday.




2021 December 8

12:56 AS Tallink Grupp published its statistics for November 2021
12:32 Rosatomflot completed operation to escort ships out of the Northern Sea Route area
12:30 "K" Line and Shin Kurushima Dock get joint AIP for the concept design of Ammonia Fueled Car Carrier from ClassNK
12:09 APM Terminals Elizabeth targeting intermodal cargo
11:03 VRT Finland acquires Satamatieto Oy
10:29 ABP opens Vancouver Timber Terminal at the Port of Kings Lynn
10:10 Sea Port of Saint-Petersburg introduced unified digital system of production control
09:59 The Georgia Ports Authority to expedite 1.6M TEUs of on-terminal capacity by June
09:46 MABUX: Bunker prices may continue upward changes on Dec.8
09:28 Baltic Dry Index as of December 7
09:11 Crude oil market sees downward price correction

2021 December 7

18:15 Ernst Russ AG to acquire further shares in a Fleet Holding Company
17:59 Kuzey Star Shipyard holds steel cutting ceremony for Atomflot’s new floating dock
17:36 Stena Line expands and launches new route between Stockholm Norvik and Hanko
17:15 Boskalis consortium secures EUR 24 million research grant to advance emission-free shipping
16:45 New report highlights regional economic importance of Ports of Stockholm
16:33 LAS Admiral Panteleev of RF Navy’s Pacific Fleet started transition to Vladivostok from Indonesia after participation in ARNEX-2021
16:15 Angola starts CLOV Phase 2 project
15:50 Rosneft signed contract with Indian Oil for supplying up to 2 mln tons of crude oil to India
15:45 Strategic Marine wins additional order for new 42m Fast Crew Boat from Centus Marine
15:27 Ships of RF Navy and Egypt Navy start naval phase of Bridge of Friendship 2021 joint exercise
15:03 Wärtsilä partners with Microsoft to strengthen their Edge platform and industrialise Marine IoT
14:41 NOVATEK and RWE sign MOU on decarbonization and LNG
14:23 ABS grants Alfa Laval the marine industry’s first approval in principle for firing boilers with methanol
14:08 Nonius Engineering supports International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
13:50 Cox Marine collaborates with clean maritime consortium to demonstrate world-first diesel-hydrogen outboard
13:22 The leading Russian supertrawler for the Russian Fishery Company has successfully inclined
12:36 Throughput of Rostov-on-Don port in 11M’2021 fell by 15%, year-on-year
12:14 Stena Line to open new daily route to Finland
11:49 Russia joins the Nairobi International Convention on the Removal of Wrecks
11:12 Exports of Sibanthracite Group to India in 2021 to total 3.5 million tonnes of coal and anthracite
11:00 Long Beach and Los Angeles keep ‘Container Dwell Fee’ on hold until Dec. 13
10:51 DSV launches Green Logistics to accelerate the green transition of the industry
10:47 Throughput of Taganrog port in 11M’2021 fell by 2% Y-o-Y
10:24 Average spot market price for Russian M100 product fell to RUB 25,252 pmt
10:06 Flag-raising ceremony held on Norvezhskoye More trawler, first serial factory ship of KMT01 design
09:45 MABUX: Global bunker indexes to turn to firm upward trend on Dec. 07
09:28 Baltic Dry Index as of December 3
09:13 Crude oil prices continue rising

2021 December 6

18:37 The Port of Bergen changes the name of the Hurtigruten terminal
18:22 Preliminary results of Volga Basin cargo traffic – 41.39 million tonnes
18:14 Equinor invests in battery storage company
17:55 ENGIE and Masdar form US$5 billion strategic alliance to drive UAE’s green hydrogen economy
17:38 Moody’s upgrades Global Ports’ rating to Ba1 with stable outlook
17:16 Solstad Offshore announces long-term contracts in Brazil
16:44 Port of HaminaKotka cargo turnover in 11M’2021 fell by 1.5%
16:20 TezMedz and Tabiyat.pk signs contract with Maersk for integrated cold chain solutions
16:05 “K” Line obtains VSPS regarding Australian quarantine for car carrier
15:55 LR and InterManager share new insights into the causes of lifeboat accidents
15:50 Sea Port of Saint-Petersburg upgrades its infrastructure
15:14 Diana Shipping announces the acquisition of a resale new-building Capesize dry bulk vessel
14:57 Arctia’s IB Otso sets off for the Bay of Bothnia as the season’s first icebreaker
14:35 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14.2% in 2021
14:03 Jan De Nul receives the transport & installation for Vesterhav Nord & Syd wind farm in Denmark
13:48 Onezhsky Shipyard lays down sixth crab catching ship for Russian Crab Group
13:16 DOTr, PPA unveil P316 million Zamboanga port expansion
12:42 Cargo transportation by Volga-Don Canal decreased by 10.6% in navigation season 2021
12:14 New technology risks must be tackled despite decade of progress in ship safety, warns DNV
11:57 Сruise ship Peotr Veliky made first technological voyage
11:38 Mohammed bin Rashid and Mohamed bin Zayed launch UAE Rail Program