28 Aug USEC demand kicks in after prices drop
Fuel oil prices eased off in New York and Philadelphia yesterday and remained at similar levels this Thursday. While demand yesterday was reportedly light, some more pre-holiday fixtures were observed today.
In Full 28 Aug Singapore steadies as fuel oil inventories fall
The oversupply situation that has been suppressing the Singapore fuel oil market eased somewhat today after the weekly report from International Enterprise showed that stocks of residual fuels fell below 10 million barrels.
In Full 27 Aug US Gulf markets softer, BP selling out in New Orleans
Suppliers and brokers said that BP Marine, who has announced their departure from the New Orleans bunker market with effect from September 1st, is currently undercutting all the competition in this port in a bid to sell out remaining stock.
In Full 26 Aug Nigeria: Barges seized, arrests made in 'bunkering' clamp-down
Nigerian authorities have announced several arrests and barge seizures in their efforts to clamp down on oil theft, which is known in the country as "bunkering". Illegal bunkering is thought to be fuelling the fighting between ethnic groups in the Niger Delta, providing them with funds and weapons.
In Full 26 Aug Asian fuel oil market outlook still bearish for September
Fuel oil imports to Huangpu in China's biggest fuel oil consuming region of Guangdong are forecast to remain low in August and September compared to bumper imports during May and June. This means Asian fuel oil markets, which are already long on product and short on demand, may continue bearish well into September.
In Full 22 Aug Crude steady to soft after gasoline fuelled rally
The last two days of gains have by and large been attributed to Wednesday's US inventory figures, which showed an unexpected draw in crude stocks at the same time as gasoline stock fell to the lowest level in 9 months.
In Full 21 Aug Californian suppliers lament bunker tax
US West Coast markets remain very quiet this week. It seems the effects of California State's hefty bunker tax are finally beginning to hit home. Sales volumes are way down. One supplier told bunkerworld today that their typical volumes are between 200,000 and 300,000 mt per month. So far this august they have sold just 26,000 mt.
In Full 20 Aug Surprise US crude draw encourage bulls back into the market
The unexpected fall in US stocks of crude served to cheer up the bulls, who have been tired over the past week after chasing the market solidly up during the summer. On the other hand, a solid rise in US stocks of heating oil could likewise convince bears that it is too early for them to retire into winter hibernation.
In Full 20 Aug Crude still soft as market bets on US crude build
Bombs in Iraq and a flaring up of ethnic violence in Nigeria's main oil producing region were not enough to turn sentiment around in a market that looks positively lethargic after trading steadfastly firmer in recent weeks.
In Full 19 Aug Panama: Mediocre demand despite low prices
Indications in Panama are still riding below those in the US Gulf at the moment, but only just. The gap is closing and Panama's suppliers are hoping that differentials will soon be back to normal levels.
In Full 18 Aug US: New player in East Coast bunker market
Huguenot Energy, LLC announced on Friday that the company has entered into the Marine Bunker Market in the Port of Charleston, South Carolina. With its own bunker barge, and staff with long-running experience in the shipping, oil and marine fuel industries, the company hopes to attract business to the port which lies approximately half-way between New York and Miami.
In Full 18 Aug Plenty of headlines to keep crude firm
Crude prices have been strong this Monday morning, but in some respects only moderately firm in light of the latest headlines to hit the market. Chief among these is the sabotage of the northern oil pipeline in Iraq, which stood ablaze late Friday after just 2 days of post-war operation.
In Full 15 Aug Singapore vs Korea TWI: Consistent pattern revealed
True Worth Index (TWI) is a new Index proposed by Viswa Lab Corporation to indicate the true worth of a bunker fuel. Dr. Vis decided to take a closer look at the statistics for the entire year of 2002 to compare Korean ports and Singapore.
In Full 15 Aug Nigeria closes border in bid to cap illegal "bunkering"
Nigeria temporarily closed its borders with Benin last weekend in a bid to reduce the occurrence of oil smuggling and other cross-border crimes. Thieves are siphoning off an estimated 100,000 bpd of crude oil, a practice known as "bunkering".
In Full 15 Aug OPEC basket now above target for 10 days
OPEC is clearly reluctant to commit to a production increase at this stage in the game, waiting instead for the oil market to take a dip and thus let OPEC off the hook by taking the price of its basket below $28 before 20 days are up.
In Full 15 Aug Crude up on double threat to US oil and gasoline supply
The biggest power blackout to ever strike North America has closed at least five refineries. Refinery outages could not have come at a worse time, as we are still in the peak demand US driving season and gasoline stocks are already very tight.
In Full 14 Aug Singapore still bearish, short term bottom found?
Singapore, the leading star in the Asian bunker market and a transshipment hub for cargoes of fuel oil, continues to experience rather bearish fundamentals for fuel oil, whereas gas oil fundamentals in the region continue the bullish development that started about 3 weeks back.
In Full 14 Aug IBIA warns on tighter EU sulphur timetable
THE International Bunker Industry Association (IBIA) says revisions to the
proposed EU directive on sulphur content of marine fuels published on August
8 by the European Commission do not go far enough to introduce abatement and
trading as means to reduce sulphur emissions.
In Full 13 Aug Oil disaster looms near Karachi from grounded tanker
The coastal area surrounding the Pakistani port of Karachi is under threat from an environmental disaster today as a tanker which ran aground close to the port on July 27 has developed cracks in the hull and is almost certain to break up.
In Full 12 Aug Panama still below Houston levels
Prices in Panama strangely enough, remain below those in Houston at the moment. Some players have been trying to push the market higher to leave differentials at a more natural level, but with no success thus far.
In Full 11 Aug Record longs makes oil price vulnerable to sell-off
Right now there is little in the market to indicate that speculators will be spooked as below normal inventories coupled with rising demand looks set to keep supply and demand fundamentals tight. But watch out for news to feed a more bearish sentiment, and the best hedging opportunity for the rest of 2003 may be served on a platter if the sell-off is substantial.
In Full 11 Aug OPEC set to to talk market down as basket hits $29.22
In a typical OPEC move to soothe the over-heating oil market, talking the market down is tried first before any real action is taken. Unofficially, it is quite possible that OPEC will in fact raise production as the high prices give a nearly irresistible incentive to sell more oil.
In Full 08 Aug Crude oil rally runs out of steam, consolidation expected
Oil prices are little changed this morning after a new post-war high yesterday. While the market is vulnerable to a correction now as speculative funds have bought heavily recently, there is consensus that prices are supported by fundamentals and may strengthen further into the northern winter.
In Full 07 Aug New barge finally operational in Montreal
A Shell Canada Products spokesman told Bunkerworld that the company's new bunker barge, the M/T ARCA, is finally in operation in Montreal. The Arca can carry approximately 1200 mt of MFO and 200 MT of MDO.
In Full 07 Aug Singapore IFO price gains capped by bearish fundamentals
Weak regional fundamentals for fuel oil has kept Singapore bunker prices steady since late last week even as crude prices are more than $1 per barrel higher in the same period. Gas oil on the other hand has jumped out of a month-long range that kept prices steady at around $220 p/mt until Thursday last week.
In Full 06 Aug US gasoline draw supportive, bigger picture more bearish
Oil traders rushed to sell down the market this afternoon after weekly statistics about the state of US oil and petroleum product inventories confirmed a big draw on gasoline, but an overall improvement of stocks as both crude and distillates showed solid gains.
In Full 05 Aug Panama players push prices up
The Panama market was significantly firmer today as suppliers try to push the market back up above Houston levels. Panama indications currently stand around $3 lower than those in Houston.
In Full 05 Aug TWI pegs Korean fuel oil value $30 above Singapore
True Worth Index (TWI) (c) 2001, is a new Index proposed by Viswa Lab Corporation to indicate the true worth of a bunker fuel. The latest report pegs the value of a typical Korean fuel oil no less than $29-39 higher than fuel oil lifted in Singapore.
In Full 05 Aug Iraq-Turkey pipeline ready for exports soon
Until oil actually starts flowing through the northern pipeline, the oil futures market may continue to ignore a return of Iraq to the world oil market. It is not so long ago since traders had largely dismissed any meaningful volume of Iraqi oil exports for the rest of 2003.
In Full 04 Aug Russia: Expansion of Primorsk loading capacity on target
The Russian state pipeline monopoly Transneft is reported to be on target with expansion plans for the new oil port of Primorsk, situated in the Gulf of Finland. The company plans to make Primorsk Russia's single biggest export outlet next year, raising capacity to 1 million bpd of crude.
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