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Wed 24 Sep 2014, 09:13 GMT

Market Briefing


Bears trumped bulls - oil price drop (Brent: $96.9).

Fuel oil trend

Rotterdam: $ 1 higher
Singapore: $ 2 lower
US Gulf: $ 1 higher

Bears trumped bulls - oil price drop (Brent: $96.9)

Oil prices fell yesterday as bullish geopolitical news of air strikes in Syria did not outweigh bearish news of increase in oil output in Libya and Iraq. In Libya, restart of the large El Sharara oilfield made output increase to approx. 800,000 barrels per day; in southern Iraq oil exports seem to reach 2.6 mio. bpd.

Last night's weekly oil inventory data from the American Petroleum Institute showed a surprisingly high draw in crude stock: 6.500M versus a build of 3.300M last week. Distillates and gasoline stocks increased by 3.000M and 0.091M respectively. Now markets' eyes will be on the official EIA oil inventory report this afternoon for confirmation of this trend.

Later this morning, the German Ifo Business Climate Index will be published; yesterday, the German Manufacturing PMI disappointed (50.3 versus 51.4 previous) as did the European Services PMI (52.8 versus 53.1 previous). The U.S. New Home Sales will be published at 16.00 CET.

BP  
E-fuels volumes per country. Europe risks falling behind China in race to produce e-fuels for shipping  

Europe has 69 e-fuel projects but only six are operational, while China is scaling rapidly.
Hiring concept with highlighted candidate. Sing Fuels opens applications for junior bunker trader role  

Singapore-based firm seeks candidates with one to two years of experience in marine fuels or the wider maritime industry.
Eleven Energy logo. Eleven Energy eyes Athens expansion with trader hire  

Riyadh-headquartered firm looking to open its second office in Europe.
Scorpio team with representatives from Monaco's Department of Economic Development. Monaco backs Scorpio Ship Management in European hydrogen propulsion project  

Government co-finances Scorpio’s role in Project Mariner as Europe pushes to develop hydrogen propulsion technology for commercial shipping.
Arlon vessel. Exmar takes delivery of second dual-fuel ammonia carrier at HD Hyundai Heavy Industries  

Arlon is second in a planned series of four ammonia dual-fuel midsize gas carriers.
Singapore Marina Bay skyline. IBT Bunkering & Trading launches Singapore desk to complement Hamburg operation  

German bunker firm says the move gives it round-the-clock coverage across two continents.
Maritime and Port Authority of Singapore logo. Singapore awards eight new LNG bunkering licences ahead of September launch  

The Maritime and Port Authority of Singapore is expanding the city-state’s LNG bunkering capacity with eight new five-year licences.
Launching ceremony of Maran Melina. New Times Shipbuilding launches two LNG dual-fuel crude oil tankers for Maran and Capital Ship  

Two 155,500-dwt LNG dual-fuel tankers floated out for Greek shipping groups.
Lem Azalea and Lem Plumeria naming ceremony. Naming ceremony held for Huangpu Wenchong's first methanol dual-fuel bulkers  

Two 65,000-tonne vessels built for Limassol-based Lemissoler Navigation.
TSS Challenger vessel. Damen launches second CSOV 9020 for TSSM, prepared for future methanol operation  

The vessel, to be named TSS Challenger, is due for delivery in early 2027.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG/LBM Biofuel Biogas Biomethanol Dual-fuel E-fuel E-methane/e-NG E-methanol Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind



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