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Fri 23 Jul 2010, 09:04 GMT

Market Briefing

Trends

Rotterdam (ARA) fuel oil - US$8 higher
Singapore fuel oil - US$9 higher
US Gulf - US$9 higher

Markets regain momentum

Oil gained 3% yesterday on the back of better-than-expected macroeconomic data and weaker dollar. British retail sales, Eurozone industrial orders, US jobless claims and many US companies’ Q2 earnings came out stronger than previous readings, boosting risk appetite.

Stress tests under spotlight

European banks’ stress test results are due today at 6pm CET. Investors have been waiting anxiously for these results to judge the strength of European banking system and its resilience against further escalations of the sovereign debt crisis.

Bonnie approaching Gulf of Mexico

Tropical storm Bonnie, the second named hurricane of the season, is expected to move over the Bahamas today, reaching the Gulf of Mexico by tomorrow. Authorities are expecting evacuations in the area as the storm closes in, causing possible supply disruptions and delays in BP's oil well sealing efforts.

Today's important numbers include French consumer spending, German IFO business climate / expectations, British Q2 GDP and US ECRI weekly leading indicators.

Recommendation

We have been trading in a range of $75-78/barrel since last week. Positive stress test results, thus further dollar weakness and increased risk appetite, can cause another test of $80/barrel resistance. Failure will bring us down back to the strong support at $75/barrel. We recommend to wait for the results and hedge accordingly.

BP  
World Fuel logo. World Fuel seeks marine lube operations and sales executive in Greece  

US firm is recruiting for a commercial role focused on marine lubricants, based out of its Glyfada office.
ECSA Parliamentary Breakfast event. European shipowners call for fuel supplier mandates and ETS revenue investment ahead of policy revision  

Industry body urges EU policymakers to redirect carbon revenues into clean marine fuel production.
Coral Energy vessel at Klaipeda LNG terminal. Gasum secures LNG terminal capacity at Klaipėda through 2040  

Nordic energy company locks in long-term LNG supply access to serve northwestern European markets.
Torm Corrido vessel. Chimbusco Pan Nation extends B100 biodiesel bunkering to oil tankers as quarterly volumes triple  

Hong Kong bunker supplier CPN says Q2 B100 deliveries have exceeded Q1 totals by more than 300%.
TMD Energy Limited logo. TMD Energy extends bioenergy MOA with Double Corporate by two years  

Malaysian bunkering firm seeks to advance waste-to-energy marine fuel collaboration in EU and Asian markets.
Antwerpen vessel. Exmar takes delivery of world’s first dual-fuel ammonia oceangoing vessel  

Belgian shipowner Exmar has taken delivery of what it says is the first oceangoing vessel powered by a dual-fuel ammonia engine.
Seaglider vessel render. MOL and JAL partner with Lloyd’s Register and REGENT to advance Seaglider certification in Japan  

Four organisations join forces to establish regulatory pathways for electric wing-in-ground craft ahead of a targeted 2030 commercial launch.
Geoff Wagner and Byung-Hun Kwon. ABS and HD Hyundai entities secure battery hybrid approval for 16,000-teu container vessel  

Approval in principle issued for electrical design of ultra-large container ship at Posidonia.
Steel cutting ceremony of vessel with builder's hull no. H1955A. Keel laid for world’s largest LNG carrier at China’s Hudong-Zhonghua shipyard  

Construction begins on a 271,000-cbm QC-Max vessel, the largest LNG carrier ever built.
Mercedes Pinto vessel truck-to-ship (TTS) bunkering. Port of Las Palmas completes first LNG bunkering operation  

Baleària Canarias’ new fast ferry receives LNG via tanker truck in milestone delivery.




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