• 2020 November 26 09:27

    MABUX: Bunker Market this morning, Nov 26

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

    Oil prices climbed nearly 2% to their highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.

    Brent crude rose 75 cents, or 1.6%, to settle at $48.61 a barrel, its highest since early March.

    U.S. West Texas Intermediate crude also closed at its highest since early March, rising 80 cents, or 1.8%, to $45.71. Both benchmarks, which gained 4% on Tuesday, rose for a fourth straight session.

    U.S. crude inventories fell by 754,000 barrels last week, government data showed, surprising analysts who in a Reuters poll had predicted a 127,000-barrel rise. Inventories at Cushing, Oklahoma, the delivery point for WTI, fell by 1.7 million barrels.

    But gasoline demand for the week fell by 128,000 barrels per day (bpd) to 8.13 million bpd, the lowest since June.

    “There was a decent drawdown at Cushing, so that’s supportive. It was probably the most bullish aspect of this report,” John Kilduff, partner at Again Capital LLC in New York.

    Still, demand worries capped price gains as U.S. weekly gasoline demand dropped by about 128,000 barrels per day (bpd) to 8.13 million bpd, the lowest since June 2020.

    “Crude oil prices are trading at their highest levels since early March, supported by positive market sentiment as a result of vaccine news and strong oil demand in Asia,” said UBS oil analyst Giovanni Staunovo.

    “We maintain our bullish outlook for next year and target Brent to hit $60 per barrel at the end of 2021,” he added.
    A weaker dollar also supported crude prices, making greenback-denominated oil less expensive for buyers holding other currencies.

    Brent has moved into backwardation, a market structure in which oil for immediate delivery costs more than supply later. Backwardation encourages inventories to be drawn down and suggests receding fears of a glut.

    OPEC+, made up of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is leaning towards delaying next year’s planned increase in output despite a rise in prices, three sources close to OPEC+ said.

    Oil rose for a fifth day on Thursday after a surprise fall in U.S. crude inventories gave further legs to a rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels.

    Brent futures were up 45 cents, or 0.9%, at $49.06 a barrel by 0245 GMT, after rising around 1.6% in the previous session. West Texas Intermediate crude was up by 34 cents, or 0.7%, at $46.05 a barrel, having gained 1.8% on Wednesday.

    Both benchmarks have risen about 9% this week, getting a boost after AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, adding to the potential armoury to end the worst pandemic in a century.

    Encouraging vaccine results are “pushing aside concerns of enduring containment measures and prompting some follow-through buying from the speculative community,” Citigroup Global Markets said in a note.

    Still, it warned that “a pullback cannot be ruled out amid less robust demand in the near term.”

    U.S. President-elect Joe Biden has urged people to forgo big family gatherings, wear protective masks and maintain social distancing for the Thanksgiving holiday in the face of the surging coronavirus pandemic. But Americans are defying pleas from officials to stay home.
    The United States has recorded 2.3 million new infections in the past two weeks.

    Oil Future close 25th November,
    Brent crude:          $ 48.61 (+0.75) /brl        FM delivery Jan (FM=Front Month)
    Light crude (WTI): $ 45.71 (+0.80) /brl        FM delivery Jan
    Gasoil ARA;           $ 389.25 (+0.50) /mton   FM delivery Dec
    NY Harbor Ulsd:     $ 426.88 (+8.34) /mton  FM delivery Dec

    Oil Futures trading at GMT 06.37; Brent: $+0.32 WTI: $+0.25. – Tendency upward.

    We expect fuel oil prices to increase in smaller numbers today plus 5-6 USD/MTON. (Fuel Oil, means 380 HS and VLSFO together). MGO price is expected to remain unchanged and NY Harbor ULSD to increase 8 USD/MTON.

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




2021 January 21

17:03 Galeon Yachts announce new outbourd model
16:42 Throughput of port Vysotsk in 2020 fell by 4% Y-o-Y
16:32 Jan De Nul Group is the first dredging company to carry out 100% sustainable beach replenishments in Belgium
16:23 Yaskawa Environmental Energy develops a permanent magnet propulsion system for superyachts
16:09 MABUX Bunker Weekly Outlook, as of Jan 21, 2021
16:00 Throughput of port Primorsk in 2020 fell by 19% Y-o-Y
15:36 Bunker market see mixed price movements in the Far East ports of Russia (graph)
15:13 Battle stations for boat-handling systems
14:58 Port of Ust-Luga throughput in 2020 declined by 1% Y-o-Y
14:43 MasterCraft Boat Company launches digital boat show experience to connect with consumers amidst dynamic boat show season
14:22 ABS grants AIP for DSME’s Solid Oxide Fuel Cell technology
14:05 20% global e-commerce growth fast tracks supply chain tech adoption from 5 year plans into 2021 action
13:43 Sovcomflot and Total sign time charter agreement for up to 7 years for a newbuilding 174,000-cbm LNG carrier
13:21 TFG Marine to start bunkering operations from Falmouth in the United Kingdom
13:11 Ocean carriers battle the Covid cargo crunch
12:52 Throughput of Port St. Petersburg in 2020 remained flat, year-on-year
12:36 UECC opening doors to a sustainable future
12:08 Crowley awarded fuel distribution contract for Arctic North Warning System
12:03 FESCO transported first containers with grain from Khabarovsk to China
11:41 Wilhelmsen Ship Management becomes a member of the Sustainable Shipping Initiative
11:24 Russian Crab Company Group reports annual operational results for 2020
11:05 MABUX: Bunker market this morning, Jan 21, 2021
10:36 MSC earns maritime sustainability certificate
10:20 Maritime UK welcomes Associated British Ports to the Diversity in Maritime Charter programme
10:05 New container service connecting Port of Immingham with Bilbao
09:37 Crude oil prices decrease as US resources grow
09:19 Baltic Dry Index as of January 20
09:01 Maersk Tankers sees 28% pool expansion in 2020
08:58 ICTSI Manila completes berth expansion

2021 January 20

18:54 Galeon Yachts announce new outboard model
18:15 CMA CGM announces FAK rates from Red Sea to North Europe & the Mediterranean
17:46 Håkan Agnevall assumes the position of CEO of Wärtsilä on 1 February 2021
17:16 SMM DIGITAL to stream conference programme online free of charge
17:01 GTNS supports 4th International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
16:42 U.S. blacklists oil tankers for undermining Venezuela sanctions
16:00 Krasnoye Sormovo shipyard launches dry cargo carrier Vladimir Latyshev
15:24 Port Houston presents 2040 Plan
15:07 RF Navy’s patrol boat "Yaroslav Mudry" conducts exercises in the sea ranges of the Baltic Fleet
14:45 Amendments to increase safety proposed to Finland's Water Traffic Act
14:26 Polaris sets off for the Bay of Bothnia as the season’s third icebreaker
14:02 First vessel certified with Responsible Fishing Vessel Standard by LR
13:41 SMM DIGITAL: Leading international maritime trade fair to stream conference programme online free of charge
13:23 Port of Los Angeles to reward container terminals for higher truck productivity
13:02 Dublin Port throughput increases by +7.6% in Fourth Quarter of 2020
12:35 Seaports of Okhotsk Sea and Tatar Strait increased their throughput by 4.4% YoY
12:21 Port of Zeebrugge container volume up 10.3 percent in 2020
12:10 CMA CGM announces PSS for cargo from India to North Europe & the Mediterranean
11:43 Rosmorport’s icebreakers completed over 2,400 pilotage operations in freezing seaports of Russia this season
11:18 Global Ports’ consolidated marine container throughput for the full year 2020 increased by 6.6%
10:54 Damen signs with Svitzer for ASD Tug 3212
10:54 Capacity of Russian seaports in 2021 to be increased by 50 million tons
10:30 MABUX: Bunker market this morning, Jan 20, 2021
10:12 Cryogas-Vysotsk reaches LNG milestone of one million tons
09:51 Crude oil prices rise on optimism driven by economy support
09:33 Bunker market sees mixed price movements at the Port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index as of January 19

2021 January 19

18:05 Wärtsilä signs a 5-year long-term service agreement with leading Chinese dredging company
17:44 Ventspils Universal Cargo Terminal maintains stable cargo turnover
17:25 CMA CGM announces FAK rates from the Middle East Gulf to North Europe and the Mediterranean
17:00 Annual German Maritime Forum to be held as a digital event on 28 January 2021