Wilhelmsen Marine Fuels AS is Norway’s leading bunker-broking company. We have affiliates in London and Singapore.

Wilhelmsen Marine Fuels is the leading bunker broking company in Norway, and has offices in Singapore and the UK.

The company serves a wide variety of international ship-operators, including world wide liner, tramp and tanker services, offshore and coastal transport.

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DAILY MARKET UPDATE                                    

 

Thursday, 07 August 2014

CLOSING

1 DAY CHANGE

TREND: FLAT/DOWN

BRENT SPOT            

103.89

+0.44

BRENT 1 MONTH

104.59

-0.02

WTI 1 MONTH

96.92

-0.46

MGO (USD/MT)                        

878.75

+9.25

 

NEWS

·         US crude exports highest since 1957
According to figures from the U.S Census Bureau, US crude oil exports rose by 100 000 bpd from May to 389 000 bpd in June. This is the largest monthly export figure since 1957. 97  % of US exports go to Canada.

·         Crude inventories drop
The DoE inventories showed a decline in both crude oil and oil product inventories last week. According to DoE, inventories ended last week as follows:
crude oil  365.6 mb (-1.8 mb )
gasoline  213.8 mb (-4.4 mb)
distillates 124.9 mb (-1.8 mb)
fuel oil       35.1 mb (-1.0 mb)
Total oil 1120.7 mb (-8.4 mb)

·         China diesel demand may drop
According to a report by Reuters, quoting sources at the two oil majors PetroChina and Sinopec, diesel demand in China might drop y-o-y in 2014. PetroChina saw its diesel sales drop 5 % y-o-y in the first half of this year. If demand drops this year it would be the first time in 10 years that diesel demand drops y-o-y in China.

YESTERDAY’S MARKET
Crude prices fell on general demand weakness yesterday but got some support from the DoE inventory report showing a drop in all oil categories.

 

MARKET OPENING

Crude prices are lower this morning. The news that US crude exports have risen to the highest level since 1957 only strengthens the impression of a well-supplied market. News of demand weakness in China is also not supportive for prices. The gasoil crack in Asia is at a three and a half year low, indicating that demand growth in the region is weakening.

Opening prices

Indications

Change

Rotterdam (HSFO)

567-568

+3

Rotterdam (LSFO)

572-573

-1

Singapore (max 3.5%)

586-590

-1

Fujairah                       

605-606

flat

 

 

 

 

 


 

 

   

 

DISCLAIMER: Please note that the information provided hereby merely contains observations and forward-looking expectations which are subject to risk and uncertaninties related to financial and market conditions in relevant markets and may otherwise be subject to change. The purpose of this information is to share insight, which has been reported through common sources or our network. Wilhelmsen Marine Fuels undertakes no liability and makes no represenatation or warranty for the information and expectations given in this information or for the consequences of any actions taken on the basis of the information provided.

      

Morning update and price indications

Contacts

Wilhelmsen Marine Fuels AS

Norway, Oslo

Phone:(+47) 67 58 42 66
E-mail:
wmf.oslo@wilhelmsen.com

Singapore

Phone:(+65) 637 95 167
E-mail:
wmf.singapore@wilhelmsen.com

United Kingdom, Dartford, Kent

Phone:+ 44 (0)1322-282930
E-mail:
wmf.london@wilhelmsen.com