• 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 June 19

17:09 Vestas receives 577 MW order in Australia for second stage of the 1.3 GW Golden Plains wind project
16:37 Wintershall Dea makes discovery in Cuvette exploration well
16:07 Equinor expands renewables portfolio in Poland with a new solar plant
15:52 Shell signs agreement to acquire Pavilion Energy
15:19 LR releases its 3rd alternative fuels report concerning LPG as marine fuel
14:39 Greek-owned Liberian-flagged ship hit in Red Sea sinks
14:32 Samsung Heavy Industries unveils revolutionary K-PAW welding technology
13:51 DOF awards new Constructor Compact ROV systems contract to Kystdesign
13:47 Mitsubishi Shipbuilding receives orders for Japan's first methanol-fueled RORO cargo ships
13:28 Sirius Shipping to charter out its new tanker duo to Preem for transportation of renewable fuels, feedstock
12:39 Chartwell and Vard to advance new SOV design working with North Star
11:23 Wartsila launches world’s first large-scale 100% hydrogen-ready engine power plant
11:14 Industrial-scale floating green ammonia plant project enters next phase
10:06 ABP signs MOU with Marine Power Systems to advance floating offshore wind technology
09:44 Port of Antwerp Bruges: Deurganckdok oil spill clean-up completed

2024 June 18

18:13 Atlantic Towing and Svitzer modernise Halifax port fleet with new escort tugboats
17:38 Port of Long Beach sets $760 million annual budget
17:28 Unifeeder and MPC Container Ships announce a new collaboration to make joint investments into Energy Efficiency Technology
17:16 Port of Koper welcomes Astrid Maersk, the world’s second large green methanol-enabled vessel
16:43 Gasum plans a large-scale biogas plant in Sweden
16:15 GONDAN Shipbuilders secures 31-meters passenger catamaran contract from Líneas Romero
15:39 CMA CGM to strengthen its INDAMEX service connecting Indian Subcontinent with US East Coast
15:11 Maersk wins a heavy lift contract from Vestas
14:07 South Korea bolsters shipbuilding industry with $10.75 billion financial support
13:41 MOL joins SFC focused on decarbonizing international logistics
13:11 Fred. Olsen Cruise Lines joins the ISWAN
12:22 Carnival Corporation celebrates shore power launch at PortMiami after exceeding industry-leading milestone
11:45 Nel ASA set to become a fully dedicated electrolyser company
11:24 Temasek signs agreement to divest Pavilion Energy
11:13 IMO's NCSR agreeds pilot transfer arrangements and amendments to SOLAS regulation V/23
10:47 LR awards Quoceant an IECRE Feasibility Statement for the Q-Connect
10:31 DNV: Global grid infrastructure to double by 2050 to meet surging electricity demand
09:43 Tarntank orders tenth hybrid chemical tanker

2024 June 17

18:16 Philippine supply ship bumped Chinese ship
17:49 Survitec secures JMSDF submarine escape suit contract
17:36 First mega cruise ship built for short cruises delivered to Royal Caribbean
17:14 Petroleum chemical product carriers drive order performance of Korea shipbuilding industry
16:37 MPA: Joint oil spill clean-up operations advance to next phase
16:23 Greek shipowners start investing in large new ships to transport ammonia
15:42 BV awards AiP to Antwerp-based Seafar for its remote vessel operation technology
14:31 USACE continues maintenance dredging at Markland Locks
14:29 Green Marine UK partners with C-Power to advance autonomous offshore power systems
13:17 Van Oord releases statement concering collision Vox Maxima with bunker vessel
12:04 Green Marine and Ocean Kinetics form JV Partnership to decomission OpenHydro tidal turbine in Scotland
11:52 ClassNK releases 2nd Edition “FAQs on the FuelEU Maritime”
11:07 Allision of dredger Vox Maxima was caused by a sudden loss in engine and steering control, MPA investigation showed
10:28 Sweden-Belgium Green Shipping Corridor expands ambition for the world's first green ammonia shipping corridor and welcomes new partner
09:23 APM Terminals calls first movers to join Innovators Program to enhance visibility and reliability for customers
09:11 Georgia Ports Authority sees 22% container growth

2024 June 16

16:18 Diana Shipping Inc. announces time charter contract for m/v Myrsini with Cobelfret S.A.
15:16 MPA: Joint oil spill clean-up operations in Singapore continue
14:27 Watershed moment for AMSA’s future maintenance on aids to navigation
14:07 Mammoet awarded construction upgrade of Hawaii dry dock
13:54 CMA CGM announces update on its IEX 2 service
12:31 Jan De Nul order first plug-in hybrid dredging vessel
10:26 Solstad announces contract extension for its CSV duo by Subsea 7

2024 June 15

14:15 VARD hosts a christening ceremony for third VARD 8 02 design stern trawler
12:03 TECO 2030, BLOM Maritime and Samskip receive ENOVA grant to retrofit Samskip LNG Vessel with fuel cells and hydrogen fuel
10:06 The 3rd of 12 plug-in hybrid vessel joins Swedish shortsea operator's fleet
09:51 S&P Global: Guangdong province's market-based power subsidy supports gas demand growth

2024 June 14

18:09 Strategic R&D alliance formed to standardize materials for LH2 carriers
17:44 BSEE conducts first offshore wind turbine inspection
17:23 Aker Artic completes ice-going SOV concept for offshore wind farms
17:19 Orsted completes construction of combined wind and solar project in Texas
16:57 MPA: Oil spill clean-up in progress at Pasir Panjang Terminal
15:37 ADNOC awards $5.5 billion of contracts for Ruwais LNG plant
15:11 Allseas awarded Troll extension pipeline
14:26 Havila Shipping inks deals for its three PSVs with Equinor
14:03 LR partners with COFCO International on fleet emissions reduction programme
13:18 Bulk carriers second-hand market overperforms