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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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- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
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