29 Mar Bearish bias to crude ahead of OPEC meeting
Oil prices were trading lower again today on market speculation that OPEC will not follow through a February decision to cut one production by million barrels per day with effect from April 1. The oil producer cartel meets on Wednesday.
In Full 29 Mar Singapore set to benefit as Korean fuel oil exports shrink
Two of South Korea's five refiners plan to make sharp cuts in spot exports of high sulphur fuel oil (HSFO) in April. Less Korean supply combined with expectations for higher HSFO demand from China next month means Singapore stands to gain from improved cargo demand.
In Full 19 Mar Buoyant demand drains avails off-shore Nigeria
Bunker suppliers operating off-shore Nigeria on the West African coastline were running low or partially dry on stock this week as one player described demand as 'huge'. Fortunately, not all suppliers were running out of the same products.
In Full 18 Mar Singapore's residual stocks rise with further gains expected
Singapore stocks of residual fuels, which include high sulphur fuel oil (HSFO), are 60.4% up on year-ago levels. This week's rise in stocks was seen as evidence that an expected slew of arbitrage cargoes had begun to trickle into the Asian oil transshipment hub.
In Full 17 Mar Crude hits fresh highs despite anticipated US oil data
Crude prices in London and New York shot to new one-year highs today after weekly US oil inventory data showed continued declines in the nation's gasoline inventories. An unexpected drop in refinery processing saw products inventories shrink, but allowed a larger-than-expected build in stocks of crude oil.
In Full 16 Mar Panama high and nearly dry
Supply possibilities on the Panama Canal have been very limited this week. Many players can offer fuel oil on only one side of the canal, some are quoting on a subject to enquiry basis, while others are out of the market altogether.
In Full 16 Mar Batumi bunkering falls prey to political tension
All shipping movements have ground to a halt in the Black Sea port of Batumi in Georgia's semi-autonomous Adhzaria region, and force majeure has been declared on loadings of oil and oil products today. Regal Investment SA told Bunkerworld that its bunker barges were prevented from operating since yesterday afternoon.
In Full 16 Mar Taiwan nips at Hong Kong's heels
With little price difference between fuel oil prices in Hong Kong and Taiwan at present, it looks like demand in Taiwanese ports has improved as prompt supply in Hong Kong is constrained.
In Full 12 Mar Indian supplier expands facilities
M/S Global Fuels & Lubricants Inc announced today that it has expanded its infrastructural facilities by introducing a new barge to operate on the Western Coast of India.
In Full 04 Mar Singapore suppliers split on pricing in confused market
There was a huge spread between the lows and highs offered in the Singapore bunker market today. Some players quoted aggressively in anticipation of a softer market next week, while others were spooked by the fact that fuel oil cargo prices didn't come off today despite last night's sharply lower WTI crude close.
In Full 04 Mar Singapore oil product stocks sharply higher
The latest weekly figures from International Enterprise (IE) show that Singapore's stocks of residual fuels have hit an eight-week high, while middle distillates surged to their highest level in 16 weeks. The figures pointed to continued bearish fuel oil fundamentals and an end to the bullish regional gas oil market.
In Full 04 Mar 'First' double-hulled barge due in late April
Singapore-based supplier and barge operator Sentek Marine & Trading (Pty) Ltd confirmed today that it is close to launching the first bunker barge of around 130 in the world's largest bunkering hub to have a double hull.
In Full 03 Mar Oil prices fall as US stock data scupper bullish forecasts
Oil prices fell sharply today after the latest US oil inventory data failed to support the recent rally which took crude futures to fresh one-year highs this week. Although the US oil data were not that bearish overall, they could not sustain the high price level caused by speculative funds amassing near record long positions.
In Full 02 Mar Crude prices set for fall from fresh one-year highs
Crude prices continued their relentless surge upwards yesterday with the highest closing prices since pre-Iraq war levels in mid-March last year, but the overbought nature of the market and OPEC leakage could send prices lower.
In Full 02 Mar Tight Hong Kong avails may finally ease
Tight avails have continued to dog Hong Kong so far this week, with the latest resupply cargoes arriving in the port still seeing heavy commitment from the end of last month's trading.
In Full 01 Mar Singapore: SPC to buy BP refinery stake
Singapore Petroleum Company announced today that it has entered a conditional agreement with BP Singapore to buy BP's one-third stake in Singapore Refining Company Pte. Ltd. Sources in the market were not able to comment conclusively on how today's announcement may impact SPC's and BP's bunker sales in Singapore.
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