• 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.




2024 April 23

18:02 SFL acquires two LNG dual-fuel chemical carriers in combination with long term employment
17:31 Pioneering Spirit completes its first pipeline pull-ins in Kalsto, Norway
17:04 Valenciaport admits the four bids for the construction of the North Terminal
16:54 Vancouver welcomes its first resident battery electric tugs
16:24 Shanghai Port and Lianyungang Port strengthen partnership
15:44 WinGD to debut short-stroke engine design after successful shop test
15:24 Overseas Shipholding Group awarded federal grant to design marine transport for liquified CO2 captured by Florida’s largest emitters
14:53 H2Carrier to establish Norway's first integrated PtX and wind power project
14:23 IBIA and BIMCO sign collaboration deal
13:52 Container ship Xin Xin Shan arrested in Singapore
13:22 MOL to merge its subsidiaries in the Philippines
12:53 Haiti fuel terminal operations halted as gangs seize trucks
12:30 HHLA acquires interest in Austrian intermodal service provider Roland
11:42 South Korean yards built 500 LNG carriers for export in 30 years
11:19 Wartsila to provide a range of solutions for the six PCTCs being built for Sallaum Lines
10:36 Thecla Bodewes Shipyards successfully launches 'Vertom Anette’ for Vertom Group
10:12 Carras Aquataurus becomes world’s first vessel to earn ABS Biofuel-1 notation

2024 April 22

18:10 Cosco Shipping and Shenzhen port partner for automobile exports
17:42 SBM Offshore signs a US$250 million short-term corporate facility
17:06 MSC Group, MSC Foundation and Mercy Ships to build a hospital ship
16:45 Port of Valencia container volumes up to 459,749 TEUs in March 2024
16:13 TotalEnergies launches the Marsa LNG project and deploys its multi-energy strategy in the Sultanate of Oman
15:24 ABS and DOE sign MOU to collaborate on clean energy development and maritime decarbonization research
14:51 MOL becomes first Japanese operator to commercially install onboard CO2 capture system
14:24 Wartsila receives contracts to supply cargo handling and fuel gas supply systems for three new VLECs
13:54 Yang Ming revamp Far East-East Coast of South America Service
13:24 Cunard officially welcomes new ship Queen Anne with ceremony at Fincantieri shipyard
12:01 Value Maritime and MOL sign contract to supply an Exhaust Gas Cleaning System for an LR1 Product Tanker
11:43 Diamond Line enhances its NET2 service
11:24 Kotug International selected EST-Floattech for the containerized battery system for world’s first fully electric pusherboat
10:51 Torqeedo to integrate ocean plastics into its pioneering products

2024 April 21

15:07 Steerprop selected to supply main propulsion and tunnel thrusters for CCG's multi-purpose vessels program
13:51 First of its kind TRAktor V3900-DF launched at Uzmar Shipyard
12:37 ABS and DOE sign MOU to collaborate on clean energy development and maritime decarbonization research
11:25 SCHOTTEL to equip four new compact Damen ASD tugs with SRP 270 RudderPropellers
09:57 Hanwha Ocean expands offshore construction presence

2024 April 20

15:02 European ports contend with slow economic growth, geopolitical impact
13:43 AD Ports Group signs strategic agreement with ADNOC distribution for marine lubricants supply
12:17 Stena Bulk completes sale of Stena Blue Sky
10:05 Newbuild ocean tug bolsters growing LNG bunker fleet

2024 April 19

18:02 CMA CGM to strengthen and reshuffle its SEAS1 & SEAS2 services connecting Asia and East Coast South America
17:25 OOCL upgrades Transpacific Latin Atlantic 1/ 2 (TLA1/ 2) service
16:45 The world's two largest hydrogen ships are to be built in Norway
16:15 KEYS Azalea completes first ship-to-ship LNG bunkering in Western Japan
15:40 Port Houston surpasses 1mln TEU mark in Q1 2024
15:29 World's first ammonia dual-fuel Aframaxes to be developed by MISC
14:55 Port of Rotterdam total cargo throughput up 2.0% to 3.3 million TEUs in Q1 2024
14:06 DNV awards certificates for Fortescue’s dual-fuelled ammonia-powered vessel
13:44 Imoto Lines and Marindows launch next-generation zero-emission container ship project
12:41 The Port of Los Angeles and the Port of Long Beach complete a comprehensive Green and Digital Shipping Corridor study
12:20 Ulsan Port Authority signs MOU with Pacific Environment to decarbonize shipping ports in Singapore
11:50 Cavotec signs USD 5 million shore power order with global shipping company
11:22 Rio Tinto selects Alfa Laval OceanGlide fluidic air lubrication with a focus on advancing efficient shipping and reducing emissions
10:45 Steerprop selected to supply main propulsion and tunnel thrusters for Canadian Coast Guard multi-purpose vessels program
10:14 ST Engineering AirX and Bureau Veritas sign cooperation agreement to advance Wing-in-Ground technology
09:38 Solar panels at the Port of Valencia will generate 22% of the energy it consumes

2024 April 18

18:02 DEME wins cable installation contracts from Prysmian for IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems
17:31 RINA awarded contract for Carnival Cruise Line 4th and 5th Excel-class ships
17:18 Cepsa and Evos join up for green methanol storage in Spain and the Netherlands
16:48 ClassNK commences joint research project with JAXA on material compatibility evaluation methods for liquefied oxygen
16:24 Panama Canal announces new measures regarding number of transits and maximum draft
15:50 Kongsberg Maritime secures contract to supply propeller systems to Damen Naval for four Anti-Submarine Warfare frigates
15:24 LR to class Torghatten Nord’s hydrogen-powered ferry duo for Arctic sailings
14:04 CMA CGM sells part of the foreign activities of Bolloré Logistics to the Balguerie Group
13:40 Methanol Institute and SEA-LNG unite against EU trade barriers to biomethane and biomethanol fuels
13:23 DP World launches a new Air Tracking feature to its SeaRates platform
12:31 Port of Los Angeles container volume increases 19% to 743,417 TEU in March 2024
12:16 MABUX: Bunker Outlook, Week 16, 2024
12:11 Coastal Sustainability Alliance boosts development and adoption of maritime biofuel in Singapore
11:43 Ocean Network Express launches reduced emissions shipping service