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Bunker Global Free Directory

Bunker Global Open Directory News

2019-09-10

MABUX: Bunker Market this morning Sep. 10.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued upward changes on Sep. 09

380 HSFO - USD/MT 385.32 (+8.18)

180 HSFO - USD/MT 427.90 (+6.63)

MGO - USD/MT 652.80 (+0.12)

Meantime, world oil indexes demonstrated upward evolution on Sept. 09 after Saudi Arabia, the world's largest exporter of crude, named Prince Abdulaziz bin Salman as its new energy minister.

Brent for November settlement increased by $1.05 to $62.59 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery rose by $1.33 to $57.85 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 4.74 to WTI. Gasoil for September delivery increased by 16.75.

Today indexes continue to rise amid optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, replaced Khalid al-Falih on Sep.08. Price Abdulaziz helped to negotiate the current agreement on supply cuts between OPEC+ and has been instrumental in cementing that cooperation. He said that the Saudi policy would not change and that the OPEC+ deal would survive.

Prices were also supported by comments from Mazrouei that OPEC and its allies were committed to balancing the crude market.

Russia's oil output in August exceeded its quota under the OPEC+ agreements to cut 1.2 million barrels per day. OPEC oil output rose in August, gaining for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found. The OPEC+ deal's joint ministerial monitoring committee will meet on Thursday, Sept.12 in Abu Dhabi.

Oil indexes were also supported by a rise in oil imports in China in August, with shipments to the world's biggest importer up 3% from July and nearly 10% higher in the first eight months of 2019 from a year earlier.

In the United States, drilling companies cut the number of operating oil rigs for a third week in a row last week.

Iraq is committed to reducing oil production in line with OPEC and non-OPEC cuts, and will begin drawing down output as of October. Iraq needed to raise production over the summer months to meet domestic demand. Output will decline in the next few months because of lower domestic demand and the beginning of refinery maintenance. Iraq, OPEC’s second-biggest producer, has always pumped more than its commitment to the cuts.

The Iranian oil tanker Adrian Darya 1 at the center of a dispute between Tehran and Western powers has been photographed by satellite off the Syrian port of Tartus. There is an image shows the tanker Adrian Darya 1 very close to Tartus on Sept. 6. The tanker, which is loaded with Iranian crude oil, sent its last signal giving its position between Cyprus and Syria sailing north on Monday. Washington has warned any state against assisting the ship, saying it would consider that support for a terrorist organization, namely, Iran’s Islamic Revolutionary Guard Corps. The U.S. Treasury Department blacklisted the tanker on Sep.6.

Expect bunker prices to demonstrate upward changes today: about 3-5 USD up for IFO, about 13-15 USD down for MGO.

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