Home / Report / Analysis / Daily Bunker Report / MABUX: Bunker market this morning, Aug. 05.

MABUX: Bunker market this morning, Aug. 05.

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs demonstrated irregular changes on Aug. 04:
380 HSFO – USD/MT – 300.80 (+0.61)
VLSFO – USD/MT – 357.00 (+1.00)
MGO – USD/MT – 437.17 (-0.22)

Meantime, world oil indexes increased on Aug. 04 on significant crude draw.

Brent for October settlement increased by $0.28 to $44.43 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September rose by $0.69 to $41.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.73 to WTI. Gasoil for August delivery added $0.75.

Today morning oil indexes are steady.

The American Petroleum Institute (API) reported a draw in crude oil inventories of 8.587 million barrels for the last week. It was predicted a modest inventory draw of 3.267-million barrels. In the previous week, the API reported a draw in crude oil inventories of 6.829 million barrels. It also was reported a draw of 1.748 million barrels of gasoline. Distillate inventories were up by 3.824 million barrels for the last week. The market expects the U.S. Energy Information Administration to report today a 3-million-barrel decline in domestic crude stockpiles last week.

The dollar’s tumble also supported oil indexes: that swept commodity prices. The Dollar Index, which pits the greenback against a basket of six competing currencies, resumed its slide on Tuesday after a respite since the end of last week, sending most commodities higher.

At the same time, crude remains under pressure due to concerns a fresh wave of Covid-19 infections elsewhere in the world will hamper demand recovery just as major producers ramp up output. In Europe and Asia, concerns are growing that coronavirus may be spreading in a global second wave. Meanwhile, the U.S. recorded more than 1,000 new COVID related deaths
yesterday for the ninth day in a row. Still, talks between Democrats in Congress and the White House on a new package of coronavirus relief started moving in the right direction, although the two sides remain far apart. Australia’s Queensland state also announced that it would close its border with New South Wales today to hold back a second wave of COVID-19.

A huge explosion at Lebanon’s main port Beirut on Aug.04 raised concerns about renewed instability in the Middle East, one of the largest oil producers. Authorities say it was caused by highly explosive materials at the port, but didn’t immediately say whether it was an accident or an attack. With Libya's conflict escalating, the country's crude oil exports are set to be just 1.2 million barrels in August, a 40-percent plunge from July, citing an initial loading program it has
seen. This month, two terminals in the country holding Africa's largest crude oil reserves are set to ship a cargo of 600,000 barrels each, according to the program. Most of Libya's oil terminals and facilities are closed amid an ongoing civil war in the country, with violent clashes erupting between armed groups in Libya's Oil Crescent. Currently, oil production in the country is around 100,000 barrels per day (bpd).

We expect bunker prices may demonstrate slight upward changes today: 1-3 USD up for IFO and for MGO.
Source: MABUX

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping