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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
832.98
0.00
752.00
-6.00
Mar 27
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	832.98	0.00	752.00	-6.00	Mar 27

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
456.95	-6.43	614.33	-5.41	884.18	-7.47	Mar 27

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	381	476	-95	528	563	-35	752	828	-76	Mar 27
Singapore	413	485	-72	560	560	0	735	837	-102	Mar 27
Fujairah	411	508	-97	563	561	+2	1 038	885	+153	Mar 27
Houston	389	434	-45	565	534	+31	818	865	-47	Mar 27

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Latest News
- 2023-03-27
  Analysis-Iraq's ambition to match Saudi oil output is out of reach Commodities 5 hours ago (Mar 27, 2023 04:12AM ET) Analysis-
  Iraq's oil output and capacity may peak following growth of around 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top OPEC producer Saudi Arabia. Political infighting... Read more Iraq's oil output and capacity may peak following growth of around 25% over the next five years, analysts said, falling short of 2027 targets and ending a long-standing ambition to rival the output of top OPEC producer Saudi Arabia.
  
  Political infighting has cost Iraq the opportunity to invest in growing output more quickly. As the energy transition gathers pace, it means Baghdad may never be able to cash in the hundreds of billions of barrels it has in the ground, even with the efforts of the country's new energy minister to attract investment.
  
  Since 2016, Iraq's output has stalled at around 4.5 million barrels per day (bpd).
  
  Before then, capacity grew rapidly as the government opened up the sector in 2009 and international oil companies revamped the country's biggest oilfields.
  
  GRAPHIC: Iraq's annual average crude oil production- https://www.reuters.com/graphics/OIL-IRAQ/OPEC/znpnbljrjpl/chart.png
  
  Growth slowed in part because Iraq agreed to cap output under supply policy agreed with the Organization of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+.
  
  Iraq's Oil Minister Hayan Abdel-Ghani, who took office in October, plans to update Iraq's oil production strategies to meet local needs while complying with the OPEC+ agreement, oil ministry spokesman Asim Jihad told Reuters.
  
  It is too early for the new government to talk about any significant increases in Iraq's oil production outside the OPEC+ agreement, Jihad said. Under the agreement, Iraq's production target is 4.43 million bpd until December.
  
  As a result, Iraq has shifted focus to the refining and gas sectors and lowered capital expenditure in the oil sector, analysts at FGE consultancy and Rystad Energy told Reuters.
  
  'HARD, IF NOT IMPOSSIBLE'
  
  For the oil sector, the country has repeatedly delayed a target to reach 7-8 million bpd capacity, from the current 5 million bpd. The previous government said last year it hoped to reach the higher levels by 2027.
  
  Some energy industry consultancies forecast that Iraq may never reach them.
  
  Capacity would peak and plateau at 6.3 million bpd by 2028 before declining, Iman Nasseri, managing director for the Middle East with FGE consultancy, said. Politics, security and the investment environment were all contributing to prevent Iraq from pushing output higher than that, he said.
  
  "We think Iraq's current target looks hard, if not impossible to achieve," Nasseri said.
  
  Rystad Energy expected production to be limited to 5.5 million bpd by 2027 as a result of midstream growth limitations and because projects that are crucial to boosting output are stuck.
  
  Two decades after the war began, the current targets and the even lower forecasts are far off Iraq's post-war goal to take capacity to 12 million bpd.
  
  The ambition was scaled back in 2012 after international oil companies operating in Iraq negotiated lower output targets for their fields because of low recovery factors, high natural decline rates and because Iraq was not investing enough in infrastructure, analysts said.
  
  The major oil companies had also hoped Baghdad would improve the terms of technical service contracts (TSCs). That never happened, and companies such as ExxonMobil (NYSE:XOM) Corp and Royal Dutch Shell (LON:RDSa) Plc left.
  
  GRAPHIC: Iraq’s revised production plateaus- https://www.reuters.com/graphics/IRAQ-OIL/TOTAL/zdpxdqkzypx/chart.png
  
  ABOVE-GROUND ISSUES
  
  Analysts and industry insiders say the problems are above the ground rather than in the geology below, which has significant unexplored capacity, and include repeated changes to government, political infighting and red tape.
  
  Successive governments failed to sign off on Iraq's fifth licensing round in 2018. Six deals out of eleven oil and gas blocs on offer were eventually signed at the end of February, marking long-awaited reforms to the conditions of operating in the country.
  
  The beneficiaries were not the international oil companies, but UAE firm Crescent Petroleum and two Chinese companies.
  
  A source close to the Iraq energy industry who could not be named because they were not authorised to speak to the press said the contracts awarded pay royalties upfront and link revenues to oil prices.
  
  Abdel-Ghani's decision to sign the deals four months after his appointment may show a new resolve in government to cut deals more attractive to international energy companies, the source said. Still other issues remain.
  
  A large-scale seawater treatment project needed to boost output at the southern oilfields through water injection, has been stalled for over a decade because of haggling over terms.
  
  French oil major TotalEnergies is the latest to take on the project as part of a $27 billion deal to build four oil, gas and renewable projects over 25 years.
  
  TotalEnergies CEO Patrick Pouyanne said this month contractual disagreements were unresolved.
  
  "Iraq is not the easiest place to invest with all risk," Pouyanne said.
  
  The water project would boost output at the five Iraqi fields by 2 mln bpd of the 2.4 mln bpd growth needed to reach Iraq's 2027 targets, according to Rystad data and Reuters research.
  
  But completion before 2027 is unlikely, Rystad's vice president of Middle East upstream research Aditya Saraswat said.
  
  Iraq's oil minister this month revived seven investment opportunities in Iraq's refining sector.
  
  Even if Abdel-Ghani manages to find companies interested in those projects, Iraq's refining potential only allows 500,000 bpd of crude output growth and this would take time, Saraswat said.
  
  Meanwhile, Iraq's southern export capacity has stalled at around 3.2-3.3 mln bpd for the last year following delays to infrastructure upgrades at its Gulf ports, data from state-owned marketer SOMO showed.
  
  GRAPHIC: Iraq's crude exports from Basra- https://www.reuters.com/graphics/OIL-IRAQ/OPEC/znvnbljwxvl/chart.png
  
  Analysis-Iraq's ambition to match Saudi oil output is out of reach. Source: Investment.com / Reuters
- 2023-03-27
  GLOBAL: COSCO SHIPPING YARDS DELIVER ‘GREEN, LOW CARBON’ TRIO
  Cosco Shipping Kawasaki has delivered the OOCL Spain, a 24,188 TEU containership, and Yangzhou Cosco Shipping has handed over the 114,000 DWT Afra tanker, Green Anax, and the 82,000-ton bulk carrier, Yasa Ruby. Cosco Shipping Heavy Industry, the parent... Read more
- 2023-03-27
  EUROPE: NESTE TO CHARTER TERNTANK’S WIND-ASSISTED, METHANOL-READY TANKERS
  Neste has agreed to time charter two of Terntank’s new product tankers which will feature foldable suction sails and dual-fuel engines enabling the use of e-methanol as fuel. The tankers will be able to transport a range of cargoes, including renewable... Read more
- 2023-03-27
  AMERICAS: New responsibilities for Bunker One’s Kounalakis as firm gears up for further growth
  Stating that it is now ready ‘to accelerate its growth strategy and focus on expanding its footprint’, Bunker One has announced that Georgia Kounalakis, MD of Bunker One USA, will take on responsibility for all the company’s synergy supply and trading... Read more
- 2023-03-27
  Banking Crisis Has Triggered Capital Flight From Oil To Gold
  The sudden collapse of Silicon Valley Bank has sent shockwaves through the entire financial sector and marked the biggest bank failure since the 2008 financial crisis. Being the only publicly traded bank focused on Silicon Valley and startups for four... Read more The sudden collapse of Silicon Valley Bank has sent shockwaves through the entire financial sector and marked the biggest bank failure since the 2008 financial crisis. Being the only publicly traded bank focused on Silicon Valley and startups for four decades, the swift collapse has particularly rattled the venture capital community and left climate tech startups in a crisis.
  
  But the energy markets have not been spared, with oil prices crashing to multi-year lows following the ensuing banking crisis. Oil prices crashed spectacularly, with WTI crude falling from $80.46 per barrel just 10 days prior to the $67 range, while Brent declined from $86.18 per barrel to the $73 range, levels they last touched in December 2021. Commodity analysts at Standard Chartered warned that the oil price crash had been exacerbated by hedging activity–specifically, due to gamma hedging effects, with banks selling oil to manage their side of options as prices fell through the strike prices of oil producers put options and volatility increases. The negative price effect has been exacerbated because the main cliff-face of producer puts currently occupies a narrow price range.
  And now the latest Commitment of Traders (CoT) report published by the Commodity Futures Trading Commission (CFTC) has revealed where that oil money flowed to.
  
  Commodity analysts at Standard Chartered have combined the CoT data with the equivalent Intercontinental Exchange (ICE) data and found that there was heavy selling of crude oil and gasoline, combined with a rapid move by funds into precious metals four days after the collapse of Silicon Valley Bank but six days before Brent hit a 14-month low of USD 70.12 per barrel.
  
  Indeed, silver and gold saw a net increase in long positions while all other classes of crude and crude products apart from heating oil and natural gas saw a net increase in short positions.
  Related: Will Brent Break Below $70 This Year?
  
  During that period, money-manager net selling across the four main Brent and WTI
  
  Contracts hit a staggering 128.1 million barrels (mb) in the week to 14 March. Meanwhile,
  
  StanChart’s crude oil positioning index fell 41.6 w/w to -67.0, the largest single-week decline in six years, while its gasoline positioning index fell by 36.4 to -6.6, marking the first time it had turned negative in 20 months.
  
  Not surprisingly, gold prices have jumped nearly 9% since March 10, and now sit at $1,995/Oz, not far from the all-time high while silver prices have rocketed over 16% to trade at $23.35/Oz.
  
  Source: Standard Chartered Research
  
  Banking Fears Linger
  
  Previously, StanChart analysts had said that the unwinding of speculative length appears to be complete at this juncture, thus lowering selling pressure, but had warned that prices might retest the lows if the FOMC hikes its policy rate by more than the widely expected margin of 25bps. The markets have successfully scaled that wall of worry after the Fed’s hike on Wednesday came in-line with expectations. The Fed also indicated that the current rate hike cycle is nearing an end. StanChart expects last week’s gamma effects to reverse course with banks buying back positions thus reinforcing the short-term rebound. Beyond that, StanChart says oil prices will largely be dictated by OPEC’s and consuming countries’ strategic inventory policy shifts. The commodity experts are bullish that the path of least resistance for oil prices at this point is higher, not lower.
  
  Yet oil prices, after a brief rebound, continue to face significant selling pressure, with both WTI and Brent crude down 2.5% on Friday’s intraday session. Apparently, banking fears are far from over and this situation could linger for a while. The market appears to be reacting to some other unfolding banking drama whereby shares of Germany’s Deutsche Bank have plunged 11% on Friday after its credit default swaps started pushing higher. Credit swaps are used for insuring the bank's debt against the risk of default, and rising rates means the market thinks the risk of DB defaulting is rising. DB’s woes have put the European banking sector in reverse gear, taking down with them shares of Barclays, BNP Paribas, UBS and Societe Generale.
  
  “Underlying sentiment is still cautious and in this environment no one wants to go into the weekend risk-on,” Nordea chief analyst Jan von Gerich has told Reuters.
  
  This comes despite European Central Bank President Christine Lagarde reassuring EU leaders that the euro area banking sector was resilient due to strong liquidity positions, ample capital and post-2008 reforms. She also said the ECB toolkit was ready to provide liquidity to the financial system if the need arises.
  
  Source: oilprice.com
- 2023-03-27
  Oil prices move little amid banking sector uncertainty
  Oil prices kept to a tight range in Asian trade on Monday, hovering just above a 15-month low as markets waited for the next shoe to drop in a potential banking crisis. Concerns over increased geopolitical tensions also kept investors wary of crude,... Read more Oil prices kept to a tight range in Asian trade on Monday, hovering just above a 15-month low as markets waited for the next shoe to drop in a potential banking crisis.
  
  Concerns over increased geopolitical tensions also kept investors wary of crude, after Russian President Vladimir Putin said he will station tactical nuclear weapons in Belarus, escalating tensions with NATO over Ukraine. The bloc criticized Russia’s move.
  
  While oil prices recovered a measure of recent losses last week, they were still close to 15-month lows as markets feared that an economic slowdown will erode crude demand this year.
  
  Brent oil futures fell 0.2% to $74.44 a barrel, while West Texas Intermediate crude futures fell 0.1% to $69.16 a barrel by 22:05 ET (02:05 GMT). Both contracts rose between 2% and 4% last week.
  
  But oil prices are down over 13% so far this year, with a bulk of losses coming in March as the collapse of several U.S. and European banks ratcheted up concerns over an economic slowdown this year.
  
  ING analysts noted that speculators had cut long positions on oil sharply over the past two weeks, with overall positioning turning more neutral through March.
  
  “This leaves speculators with quite a bit of room to push the market higher. Although, obviously for that, we will need to see a change in sentiment and an easing in concern over recent developments in the banking sector.”
  
  Focus remained on Deutsche Bank (ETR:DBKGn), Germany’s biggest lender, as the next potential casualty of the banking crisis after credit default swaps, which are the cost of insuring the bank against a potential credit crunch, surged to near five year highs last week. This saw traders dump Deutsche’s shares en masse.
  
  Still, U.S. stock futures were somewhat positive on Monday, although analysts noted that this was more so on a lack of more negative news than any positive developments.
  
  A mild recovery in the dollar also kept crude markets under pressure, after some Fed officials suggested that the bank could still hike interest rates two more times. But the path of U.S. monetary policy remains uncertain, especially as regulators act to prevent more fallout in the banking sector.
  
  Focus this week is also on business activity readings from China, which recovered substantially this year after the lifting of zero-COVID measures. But middling trade and industrial data saw markets reassess just how much China will boost oil demand this year.
  
  Source: Investing.com
- 2023-03-27
  Gold prices dip from $2,000, banking crisis in focus
  Gold prices retreated on Monday as traders locked in profits after a strong run of gains, but remained near key levels hit last week as fears of a global banking crisis kept safe haven demand high. Bullion prices surged to the over $2,000 last week... Read more Gold prices retreated on Monday as traders locked in profits after a strong run of gains, but remained near key levels hit last week as fears of a global banking crisis kept safe haven demand high.
  
  Bullion prices surged to the over $2,000 last week amid concerns over the next domino to fall among U.S. and European banks, with the yellow metal largely outpacing the dollar as a safe haven asset this year.
  
  Gold saw some profit taking on Monday, also coming under pressure from a slight resurgence in the dollar after some Federal Reserve officials said the bank could hike rates at least two more times.
  
  Spot gold fell 0.2% to $1,974.54 an ounce, while gold futures expiring in June fell 0.4% to $1,994.76 an ounce by 20:42 ET (00:42 GMT).
  
  U.S. and European officials warned over the weekend that the banking sector was being closely monitored for any signs of a potential credit crunch. The latest source of market concern came from Deutsche Bank AG (ETR:DBKGn), whose shares plummeted last week after the cost of insuring the bank’s debt against potential default shot up to near five-year highs.
  
  Markets are fearful over the collapse of any European banks after Swiss lender Credit Suisse Group (NYSE:CS) was taken over by peer UBS Group AG (NYSE:UBS) in an emergency deal brokered by regulators.
  
  Minneapolis Fed President Neel Kashkari said that it was still too soon to gauge what sort of impact a banking crisis will have on the economy, and how it could influence interest rate decisions.
  
  But European Central Bank Vice President Luis de Guindos warned that a banking crisis will likely result in lower growth and inflation. The ECB has so far stated it will keep tightening monetary policy.
  
  Gold and other precious metals rallied over the past three weeks as fears of a banking crisis ramped up bets of less policy tightening this year. While the Federal Reserve hiked rates as expected last week, it also hinted that peak interest rates were within reach.
  
  Gold is likely to remain underpinned in the coming days amid persistent fears of a banking crisis.
  
  Other precious metals also retreated from recent gains on Monday, with platinum futures down 0.2%, while silver futures fell 0.1%.
  
  Among industrial metals, copper prices fell slightly after logging sharp swings in previous sessions as markets weighed a weaker dollar against fears of slowing global economic growth.
  
  Source: Source: investing.com
- 2023-03-27
  Oil settles down on worries over European banks, U.S. crude reserve
  Oil prices settled lower on Friday as European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects. Brent crude settled... Read more Oil prices settled lower on Friday as European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
  
  Brent crude settled down 92 cents, or 1.2%, to $74.99. West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel.
  
  Both benchmarks rose this week as banking sector turmoil eased. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. Last week, both benchmarks posted their biggest declines in months.
  
  "We're riding along macroeconoic headwinds, and there's a newfound correlation with equities" said John Kilduff, partner at Again Capital LLC in New York.
  
  Banking stocks slid in Europe with Deutsche Bank (ETR:DBKGn) and UBS Group slammed by worries that the worst problems in the sector since the 2008 financial crisis could persist.
  
  U.S. Treasury Secretary Janet Yellen convened an unscheduled meeting of the Financial Stability Oversight Council on Friday morning.
  
  The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies.
  
  The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel.
  
  On Thursday, Granholm told lawmakers it would be difficult to take advantage of low prices this year to add to stockpiles, which are at their lowest level since 1983 following sales directed by President Joe Biden last year.
  
  Oil drew some support from strong demand expectations from China. Goldman Sachs (NYSE:GS) said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd.
  
  Russian Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia's oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported.
  
  That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.
  
  Source: Source: investing.com
- 2023-03-24
  Crude oil sharply lower; Banking, SPR worries weigh
  Oil prices sharply retreated Friday, falling to their lowest levels this week on simmering concerns over the banking sector and after the U.S. government backed away from its intention to immediately refill the Strategic Petroleum Reserve. By 09:25... Read more Oil prices sharply retreated Friday, falling to their lowest levels this week on simmering concerns over the banking sector and after the U.S. government backed away from its intention to immediately refill the Strategic Petroleum Reserve.
  
  By 09:25 ET (13:25 GMT), U.S. crude futures traded 2.6% lower at $68.12 a barrel, while the Brent contract fell 2.5% to $74.12 a barrel.
  
  The U.S. banking industry remains under pressure as the week comes to an end despite attempts from U.S. Treasury Secretary Janet Yellen to provide reassurance.
  
  She reiterated on Thursday that she was prepared to take further action to ensure that Americans' bank deposits stay safe, and yet the shares of many of the small regional banks continued to drop Friday.
  
  The tone wasn’t helped by a hefty selloff of the shares of Deutsche Bank (ETR:DBKGn), suggesting possible contagion, after the cost of insuring the German lender’s debt against default jumped.
  
  Worries are growing that the banks will curtail lending to the wider market in an attempt to hoard cash, potentially limiting economic activity.
  
  This comes as the Federal Reserve, the European Central Bank and the Bank of England, among others, have continued raising interest rates in their long-running battle against inflation.
  
  Also weighing on the market were comments from U.S. Energy Secretary Jennifer Granholm late Thursday that it will be “difficult” to refill government oil reserves this year, which it had depleted last year to take the edge off spiking world energy prices.
  
  The Biden administration had previously indicated that it will begin restocking inventories, which are currently at their lowest level since 1983, if prices traded around $67 to $72 a barrel.
  
  That said, oil prices are still set to rise between 1% and 2% this week, helped by weakness in the U.S. currency.
  
  The dollar index fell to a seven-week low earlier this week, making commodities which are denominated in dollars, like crude, cheaper for foreign buyers.
  
  On the supply side, the OPEC’s monitoring committee, which can recommend a change in output, next meets in early April.
  
  A Reuters report suggested that the cartel will keep production unchanged during that meeting, waiting for financial markets to calm before deciding upon future output levels.
  Source: Investment.com / Reuters
- 2023-03-24
  EUROPE: ANGLO-FRENCH PORTS AND DFDS EYE CROSS-CHANNEL ELECTRIFICATION
  Cross-Channel ferry operator DFDS, the Port of Dover, Port Boulogne Calais, and Dunkerque-Port have agreed a joint programme of work to electrify maritime traffic on the English Channel. The agreement continues the momentum established by the work... Read more