21-08-2017

MABUX: Bunker Market this evening 18th August!

Mabux

Brent tops $50 a barrel in London for first time since July 5.

Oil advanced, extending the longest winning streak in more than a year, as U.S. crude and gasoline inventories declined. Brent crude oil traded above $50 a barrel for the first time in six weeks on Thursday as the world's biggest producers prepared to discuss a possible freeze in output levels.

Many OPEC members have been hurt badly by a collapse in oil prices over the last two years. While some Gulf oil exporters have very low output costs, other producers such as Iran and Venezuela need oil prices above $100 to balance their budgets.

OPEC members will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria on Sept. 26-28.

"We remain sceptical that renewed talks of a production freeze by OPEC and other large producers will lead to a deal. Prices are only marginally above where they were when the group met in Doha in April and couldn't agree to a deal," ANZ analysts said in a note.

Analysts at Citi also warned of the risks of a price rally based largely on potential future talks on freezing crude output levels given that similar meetings earlier this year failed to produce any such agreement.

The rapid rise puts the oil market, technically, in a bull market. The rally has also been driven by short covering by speculators including hedge funds and other money managers, who had amassed record short positions.

 

Many OPEC members have been hurt badly by a collapse in oil prices over the last two years. While some Gulf oil exporters have very low output costs, other producers such as Iran and Venezuela need oil prices above $100 to balance their budgets.

MABUX World Index 380 HS, 180 HS and MGO (Gasoil) edging upward expect for 180HSFO

 

380HSFO: $238.57(+3.14)/mton

180HSFO: $284.21(-1.08)/mton

MGO:DMA: $475.79(+6.79)/mton

Expect bunker prices to rise tomorrow Friday based on Oil Future settlement this evening.

Source: www.mabux.com

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