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Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
 World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement. However, last few days quotes turned into slight downward movement after US output and export data says Marine Bunker Exchange
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO at the main world hubs) increased in the period of Oct. 26 – Nov. 2:
380 HSFO – up from 332.50 to 349.79 USD/MT (+17.29)
180 HSFO – up from 371.86 to 389.07 USD/MT (+17.21)
MGO – up from 555.64 to 569.57 USD/MT (+13.93)
The Marine Bunker Exchange further said, Prices were turned up by comments of Prince Salman about supporting the extension the production cut agreement. He suggested extending the agreement for another nine months to the end of next year. He also insisted that OPEC needs to continue stabilizing the market. Earlier Saudi Arabia’s energy minister confirmed its determination to end a global supply glut. Russian President Vladimir Putin also said that he doesn’t rule out an extension to the end of 2018. OPEC is expected to discuss extending of the agreement at a meeting in Vienna on Nov. 30. Optimism that OPEC extend its supply cut plan is rising and it made a good support to bunker fuel quotes. Moreover, OPEC’s October output fell by 80,000 barrels per day (bpd) to 32.78 million bpd with a compliance at 92 percent, up from September’s 86 percent. Russia is also seen to cut its output by around 300,000 bpd below October 2016 levels of 11.247 million bpd. As one more step to market re-balancing Saudi Arabia is expected to rise December crude prices for customers in Asia to levels last seen in 2013 or 2014.
The report further noted that, crude oil from northern Iraq, including from the Kurdistan region, stopped flowing from the oil pipeline between Kirkuk and the Turkish Mediterranean port of Ceyhan on Oct.30., despite of the reports that the flows resumed. Oil production in the Kirkuk area continues at the Baba Gurgur, Khabbaz, and Jambour oil fields, but only insofar as to meet demand from local refineries. Over the weekend, Iraqi authorities increased oil exports from the southern Basra region by 200,000 bpd to make up for a shortfall from the northern Kirkuk fields. It also increased its total oil export capacity from its southern ports by 900,000 bpd to 4.6 million bpd a few days ago, after adding a new floating terminal.
The total oil and gas rig count in the United States now stands at 909 rigs, up 352 rigs from the year prior, with the number of oil rigs in the United States increasing by 1 last week. However, U.S. oil production grew by 46,000 barrels a day to 9.55 million barrels a day. At the same time, weekly U.S. crude oil exports rose to an all-time high of 2.13 million barrels per day. That turned prices into downward trend. The ongoing surge in U.S. crude exports comes as the widening spread between WTI and Brent oil prices continued to increase international demand for U.S. crude.
At the same time, Marine Bunker Exchange said, oil inventories fell by 2.4 million barrels last week – to 454.9 million barrels, which the EIA considered to be at the upper half of the average range for this time of year. It was expected a decline of 1.7 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 90,000 barrels last week.
The uncertainty surrounding the U.S. sanctions on Iran leads to uncertainty regarding OPEC’s third largest oil producer’s ability to contribute to or maintain oil output. Tehran’s participation in the oil deal has been contingent upon the success of the nuclear deal since January 2016. New sanctions from the U.S. Congress may stop the progress of Iranian oil development.
According to Marine Bunker Exchange note, the geopolitical impact of the Gulf’s economic blockade against Qatar could also have significant geopolitical consequences as it enters into its sixth month with no end in sight. Instead of limiting its ties to Iran, Qatar is strengthening ties with it, which rivals Saudi Arabia politically and economically. Escalating tensions between the Gulf and Qatar will further increase the tension between Iran and Saudi Arabia, impacting the future of Iran as a political player and as a major oil producer.
The cause for the present upward evolution of the fuel indexes is a series of comments from top OPEC and Russian officials last week, pointing to cohesion around another extension of the production cuts. It is clear, that the market is on its way to rebalancing. At the same time U.S. output, that rose by almost 13 percent since mid-2016 to 9.5 million bpd may slow down the process.
Trade data shows that global oil markets have been slightly undersupplied during the past quarters, resulting in inventory drawdowns. We expect bunker prices will continue upward trend next week Marine Bunker Exchange concluded.
* MGO LS
All prices stated in USD / Mton
All time high Brent = $147.50 (July 11, 2008)
All time high Light crude (WTI) = $147.27 (July 11, 2008)
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Friday, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Stan ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
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Showing 1901 to 1905 news of total 6871 |
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- Antam Resourcindo - Indonesia
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- Siam City Cement - Thailand
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
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- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
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- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
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- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
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- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
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- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
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- Ambuja Cements Ltd - India
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- TNB Fuel Sdn Bhd - Malaysia
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- South Luzon Thermal Energy Corporation
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- Eastern Energy - Thailand
- Anglo American - United Kingdom
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- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
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- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
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- Malabar Cements Ltd - India
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- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Planning Commission, India
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- Mercuria Energy - Indonesia
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- Marubeni Corporation - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
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- Africa Commodities Group - South Africa
- Economic Council, Georgia
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- Energy Link Ltd, New Zealand
- The University of Queensland
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- Ministry of Transport, Egypt
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- Singapore Mercantile Exchange
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- AsiaOL BioFuels Corp., Philippines
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- CIMB Investment Bank - Malaysia
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- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
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- Metalloyd Limited - United Kingdom
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- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
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- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
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- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
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- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
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