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  • MABUX: Bunker Market this morning, Nov 27
  • 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 November 29

18:19 Gazprom posts RUB 1.59 trillion of operating profit in 9M’2021
17:58 Wärtsilä partners with China Classification Society and Tianjin Port Group
17:17 Construction of ice protection facilities at Utrenny terminal under Arctic LNG 2 project to be completed in 2022
16:54 Wallenius Wilhelmsen names new CEO
16:50 Lloyd’s Register is the world’s first Renewable Energy Certification Body for marine energy
16:19 Handling of socially important cargo to be obligatory prioritized by operators of sea terminals
15:41 Average spot market price for Russian M100 product rose to RUB 26,672 pmt
15:22 13 million cbm of material to be dredged in 2022 as part of Sabetta seaport’s Seaway Canal reconstruction
14:46 Oboronlogistics delivered cargo to Abkhazia
14:13 X-Press Feeders signs for sixteen new 1,170 TEU vessels
13:34 Alexeev’s Hydrofoil Design Bureau launches yet another Valdai 45R hydrofoil for Chuvashia
13:05 COSCO SHIPPING Ports and CSTD sign JV agreement with Tianjin Port Holdings and China Merchants International Terminals
12:57 DNV publishes pioneering new competence standard and recommended practice
12:47 Baltic Workboats AS developed new standard in commissioning of vessels together with Siemens Energy
12:24 MABUX: Bunker prices may sharply decline on Nov 29
12:08 Small missile ship Veliky Ustyug enters Caspian Sea to perform training and combat missions
11:45 Russian Maritime Register of Shipping issues digest of main changes in RS Rules
11:26 UECC takes delivery of the world’s first dual-fuel LNG battery hybrid PCTC
11:00 Yana Voytsekhovskaya appointed as Editor-in-Chief of IAA PortNews
09:56 Crude oil market sees upward price correction
09:19 Baltic Dry Index as of November 26

2021 November 28

15:17 PGS awarded 4D contract in the North Sea
14:08 Cruises return to the Port of New Orleans with 285 ship calls estimated for 2022
13:54 Kalmar to deliver significant order of Straddle Carriers to MPET and PSA in Antwerp
12:41 Skipper ordered to pay reparation of $10,400 after collision with kayaker on the Whanganui River, NZ
12:17 Port of San Diego extends public review period for Draft EIR for PMPU
11:57 HAROPA PORT elected “Best Green Seaport 2021”
11:33 Contract award for MPSV Siem Dorado
10:48 Port of Dunkerque announces new appointments to its Executive Board

2021 November 27

14:38 Liquid Wind secures SEK 151 million for production of fossil free fuel
13:21 TECO 2030 receives NOK 50 million in government support for fuel cell development
11:09 Inmarsat offers future-proof remote control connectivity for latest sea-kit uncrewed surface vessel trials
10:54 J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels

2021 November 26

18:17 TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik
18:00 TransContainer’s IFRS-based net profit in 9M'2021 increased by 51% to RUB 14.8 bln
17:35 Royal Niestern Sander signs contract for walk to work vessel conversion
17:26 PortNews offers final edition of its magazine for 2021
17:15 Konecranes and Cargotec note CMA’s announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
17:03 IMO appoints Special Advisor on Maritime Security
16:55 Nord Stream 2 delay weighs on gas prices - Gasum
16:40 Nevsky Shipyard lays down two research vessels of Project 17050
16:25 BIMCO calls for continued naval support in Gulf of Guinea after piracy incident
16:05 Alfa Laval and Orcan Energy sign a cooperation agreement for the marine market
15:43 Wärtsilä launches power limitation solutions for EEXI compliance
15:25 Hiab launches HIAB iQ.1188 HiPro loader crane with new control system
14:47 RF Government approves Transport Strategy of Russia until 2030 with forecast until 2035
13:59 Sredne-Nevsky Shipyard launches Anatoly Shlemov minesweeper of Project 12700
13:11 The Port of València hosts a rescue drill for a crane operator
12:10 GTT obtains tank design order for three new LNG Carriers from Hyundai Heavy Industries and Hyundai Samho Heavy Industries
11:54 Phase 2 of Bagayevsky hydrosystem construction begins
11:52 Ardmore moderates COP26 ‘ShipZero’ panels, discussing the realities of zero emission ships
11:17 ClassNK signs MOU on cybersecurity with Panama Maritime Authority (PMA)
10:51 MSC starts new In-Transit Cargo service
10:32 MABUX: Global bunker market to keep slight irregular fluctuations with no firm trend on Nov 26
10:22 Oboronlogistics' Ambal ferry obtaines certificate on safety management from RS
09:48 MPA and maritime partners maintain cybersecurity readiness through inaugural exercise
09:33 Baltic Dry Index as of November 25
09:17 Oil prices decrease on concerns over reduction of demand

2021 November 25

18:06 Rolls-Royce and Zhenjiang Shipyard to jointly promote tugs and workboats with mtu engines in China
17:44 Delo Group presented own Digitalization Strategy