As of January 13, a correlation of the MBP Index (Market Bunker Prices) vs the DBP Index (Digital Bunker Prices) in the four global largest hubs showed that the only port where, according to DBP Index, all types of bunker fuel were undervalued, remains Singapore (380 HSFO – minus $ 9; VLSFO – minus $ 1 and MGO LS – minus $ 35).
Oil product inventories at Fujairah in the UAE dropped for a fourth consecutive week, the longest stretch since the record slide in October 2020, as middle distillates slumped to an 11-week low and heavy distillates declined for the first time in three weeks.
Oil crept higher.
Oil futures continued their push higher Wednesday, buoyed by industry data that showed a drop in U.S. crude inventories as investors brushed off tightening restrictions on business activity due to the COVID-19 pandemic.
The author is an analyst of Shinhan Investment Corp.
Any attempt by U.S. shale and other oil producers to boost output this year will backfire and lead to lower prices.
The Intercontinental Exchange has received regulatory approvals from several jurisdictions, including the Bank of England and the Monetary Authority of Singapore, to support its launch of a Murban futures contract on an Abu Dhabi-based exchange, an official said Jan. 13.
The report by Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, and Energy Jobline, the world’s leading jobsite for the energy and engineering industries, reveals that 78% of oil and gas professionals feel less secure in their jobs than they did a year ago.
Stock markets had a relatively quiet session yesterday as there wasn’t any major news to influence sentiment in one way or another.
Asian naphtha prices strengthening to an almost 12-month high as propylene prices weaken has narrowed the propylene-naphtha spread to a four-month low, S&P Global Platts data showed Jan. 13.