• 2020 November 27 09:31

    MABUX: Bunker Market this morning, Nov 27

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

    Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that COVID-19 vaccines will revive fuel demand.

    Brent futures had risen to nearly $50 a barrel this week after three major pharmaceutical companies announced progress on vaccines that could start to be rolled out before the end of the year.

    But Brent was down 74 cents, or 1.5%, at $47.87 a barrel by 1650 GMT on Thursday, having dropped as much as $1. The contract gained about 1.6% in the previous session.

    West Texas Intermediate (WTI) crude fell 66 cents, or 1.4%, to $45.05 after gaining 1.8% on Wednesday.

    “Despite a number of strong fundamentals rallying the markets, especially vaccine development supporting oil, bearish concerns remain,” said Avtar Sandu, senior commodities manager at Phillip Futures.

    Lockdowns as the COVID-19 pandemic worsens, the rising number of rigs employed in the United States and increased production from Libya are risk factors for bulls, he said.

    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. But Americans are defying pleas from officials to stay at home.

    The United States has recorded 2.3 million new infections in the past two weeks.

    While fuel demand has fallen with the second round of lockdowns, non-compliance has translated into a smaller than expected drop in European demand, Rystad Energy said.

    “The restrictions currently imposed in Europe – had they been adhered to widely – should have resulted in a 20% to 30% drop in activity. Instead, as our real-time measurements show, we observe a drop of only around 12%,” Rystad said in a note.

    Investors also await next week’s OPEC meeting.

    Oil prices were mixed on Friday in quiet trade due to the U.S. Thanksgiving holiday, with West Texas Intermediate (WTI) dropping more than 1% amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.

    WTI was down by 69 cents, or 1.5%, at $45.02 by 0104 GMT. U.S. crude prices did not settle on Thursday due to the holiday. Brent crude was up by 9 cents at $47.89, having fallen 1.7% overnight.

    Both benchmarks have risen about 6% this week, after AstraZeneca earlier announced that its COVID-19 vaccine could be up to 90% effective, adding to successful trial results of two others under development in the fight to end the worst pandemic in a century.

    But questions have been raised over the so-called “vaccine for the world” as several scientists have sounded doubts over how robust the results of the trials were.

    “It seems some profit taking is finally kicking in ... as we ease into the end of the week,” Craig Erlam, senior market analyst at OANDA.

    Still, “with WTI holding above $45 and Brent having touched $49, it seems crude is through the worst of its post-summer troubles,” he said.

    The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia that make up the OPEC+ grouping are leaning towards delaying next year’s planned increase in oil output, three sources close to OPEC+ said.

    OPEC+ was planning to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts.

    But rising Libyan output is contributing to concerns about oversupply in the market as many people are ignoring lockdown advice and travelling.

    Nearly 6 million Americans took air trips from Friday to Wednesday in advance of the Thanksgiving break as they ignored advice from the Centers for Disease Control to stay home, the U.S. Transportation Security Administration said.

    Oil Future close 26th November:
    Brent crude:          $ 47.80 (-0.81) /brl         FM delivery Jan (FM=Front Month)
    Light crude (WTI): $ 44.93 (-0.78) /brl         FM delivery Jan
    Gasoil ARA;           $ 389.00 (-0.25) /mton   FM delivery Dec
    NY Harbor Ulsd:     $ 420.56 (-6.32) /mton   FM delivery Dec  

    Oil Futures trading at GMT 07.12; Brent: $-0.08, WTI: $-0.06. – Irregular.

    We expect fuel oil prices to drop 5-6 USD/MTON (Fuel Oil, means 380 HS and VLSFO together), while MGO price to remain unchanged and NY Harbor ULSD to decline 6 USD/MTON.

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




2021 January 25

18:06 Valenciaport leads Spain in natural gas supply operations
17:56 Russian Fishery Company develops new markets
17:28 Vanino coast stations of sea areas A1 and A2 GMDSS successfully passed regular survey
17:05 DNV GL awards AIP to KSOE for wing sail propulsion system
16:05 Wärtsilä signs a five year extension to its Optimised Maintenance agreement with Golar
15:59 Port of Ventspils increased handling of wood products
15:04 ABS awards industry’s first AIP for deep-sea mining vessel to CMI
14:27 Average spot market price for Russian M100 product climbed to RUB 18,710 pmt
14:02 Konecranes and Calata Bettolo container terminal in Genoa join forces on complete container handling solution
13:55 90% of ships cleared by Baltic Customs in 2020 went through commission-free procedure
13:02 Port of Rotterdam Authority launches smart bollard trial at ECT
12:13 Chinese ports container throughput increases by 1.2% to 264.3 million TEU in 2020
11:38 Calls at ports of Sakhalin, Kurils and Kamchatka in 2020 grew by 4.4%
11:04 Panama Canal signs MoUs with Panama Ports Company and PSA Panama International Terminal to optimize supply routes for COVID-19 vaccine distribution
10:47 MABUX: Bunker market this morning, Jan 25, 2021
10:12 Throughput of Chinese sea and river ports in 2020 climbed by 4.3% YoY
10:10 The LNG-powered CMA CGM JACQUES SAADE makes her first call at Le Havre
09:51 Rosmorport appoints Aleksandr Smirnov as Acting General Director
09:30 Crude oil prices start this week with a decrease
09:16 Baltic Dry Index as of January 22

2021 January 24

16:37 Boluda Towage acquires Dutch Towage & Salvage Company Iskes
15:13 MARAD announces notice of funding opportunity for America's small shipyard grant program
14:39 Greensea receives US NAVY award to advance Standoff Command and Control
14:18 USCG assists 7 people after boat collision near Fort Pierce
13:42 Contract awards within Renewable Energy and Subsea
12:32 RightShip and INTERCARGO announce important new quality standard for dry bulk sector to be governed by new NGO
11:26 V.Group announces new appointment
10:56 Siem Car Carriers' fleet continues to grow with Super-Eco, LNG powered PCTC vessels

2021 January 23

16:31 DNV GL awards AIP to KSOE for wing sail propulsion system
15:23 Boomsma Shipping installs and sails off with two eConowind Flatrack VentiFoils
14:51 HHLA acquires majority share of automation specialist iSAM AG
13:18 MPA announces 30-day suspension for pleasure craft, ADVANT, for large social gathering on board
12:42 Puerto Aguadulce hits 1 million TEU milestone
11:36 Diana Shipping announces time charter contract for M/V Calipso with Viterra
10:53 Bahri Ship Management receives ISO 45001 certification for occupational health and safety

2021 January 22

18:00 Rosmorport's icebreaker Mudyug starts providing icebreaking assistance in the Baltic Sea
17:36 Andrey Lavrishchev appointed as head of Federal Marine and River Transport Agency
17:13 Aleksandr Poshivay appointed as Deputy Minister of Transport of the Russian Federation
16:34 Rosmorport starts providing geodesic and hydrographic services in the water area of Petropavlovsk-Kamchatsky seaport
16:05 APM Terminals Gothenburg offers certified climate impact calculations to customers
15:49 Sredne-Nevsky Shipyard commences outfitting of yet another minesweeper of Project 12700, Pyotr Ilyichov
15:21 Norsepower installs first tiltable Rotor Sails on Sea-Cargo Ro-Ro
14:58 Container terminal in Świnoujście is in line with sustainable development vision
14:32 Cargo turnover of NCSP Group in 11M’2020 totaled 101.4 million tons, down 21.2% YoY
14:07 Petersburg Oil Terminal in 2020 increased shipments of oil products by 16.6%
14:03 Jan De Nul adds two new vessels to its fleet
13:45 DHT Holdings announces acquisition of two VLCCs
13:29 Iridium partner MetOcean Telematics provides SaR buoys to the USCG
12:52 Havyard develops hydrogen zero-emission vessels in new segment
12:11 THE Alliance announces Transatlantic Service Network adjustments for 2021
11:30 Rosmorport successfully completed formation of Ultramar terminal’s water area
11:06 Training ships Nadezhda and Professor Khlyustin welcome first cadets of 2021 season
11:05 Inmarsat passes 10,000-vessel fleet xpress installation milestone as data demand accelerates maritime digitalisation
10:39 Scottish Ports Group welcomes Scottish Goverment's establishment of 'Greenports'
10:21 Throughput of Kaliningrad port in 2020 fell by 6% Y-o-Y
10:02 MABUX: Bunker market this morning, Jan 22, 2021
09:48 Bunker market sees mixed price movements at the Port of Saint-Petersburg, Russia (graph)
09:30 Crude oil prices decrease amid aggravation of the epidemiological situation
09:12 Baltic Dry Index as of January 21

2021 January 21

18:07 Port of Houston awarded new start for Ship Channel