Singapore Market Commentary (with evening update)

Wed 22 Dec 2010, 09:26 GMT

Singapore Market Commentary (with evening update)

Evening Price Update

Cargoes assessment closed almost same trend as its Papers value this morning. Fueloil cargo gained by about a dollar per MT, supported by three deals traded. Gasoil cargo concluded much firmer by about USD1.30/BBL, notably with two deals reported.

WTI Access trading is moving up now. Meantime, our bunker indication is revised upward once again on the MDO/MGO, amid average demand.

Morning Commentary

NYMEX Crude price continued to surge last night, eventually gaining another USD0.52/BBL. WTI Access trading is showing steady to marginally firm. Without doubt, it pushed up Papers' market as well. Fueloil paper was pegged higher by 50 US cents PMT while Gasoil paper soared by USD1.20/BBL.

Again, bunker market may be driven further up this afternoon if Cargoes assessment can prove to go along the same direction. Meantime, our bunker indication is revised upward only for the distillates.

MGO Singapore Singapore (SG)


		Titan charters 8,000-cbm LNG bunker vessel for ZARA region operations United LNG I to deliver LNG and bio-LNG across Amsterdam, Rotterdam, Antwerp and Zeebrugge ports.

		Peninsula begins physical bunker supply operations in Mauritania Marine fuel supplier operating two barges following licence award from the Mauritanian National Hydrocarbons Commission.

		PuriFire Energy signs biomethanol supply deal with X-Press Feeders Letter of intent covers up to 15,000 tonnes annually for feeder carrier’s fleet.

		FLEX Commodities opens Seoul office with new Korea leadership team Dubai-based trader establishes South Korea presence with appointments of Alan Yang and Yujin Kang.

		O Bunkering appoints Sulaiman Alhadhrami as chief executive officer Omani bunker supplier names new CEO to lead growth and expansion in the maritime sector.

		Zhoushan expands shore power infrastructure as part of emissions reduction drive Chinese port city reports 30% increase in shore power usage across terminals and berths.

		Hapag-Lloyd and Kuehne+Nagel partner on biofuel initiative for Asia-Europe trade Agreement covers 3,300-teu using waste-based biofuels, targeting a 2,979-tonne CO₂e reduction in 2026.

		Berg Propulsion to supply electric propulsion systems for India’s green tugs Swedish firm to provide thrusters and electrical integration for two 60-tonne bollard pull battery-electric vessels.

		World Fuel seeks marine fuel supply executive in Singapore Role to manage supplier relationships and source marine fuel across South-East Asia and Australia-New Zealand.

		OOCL names first methanol dual-fuel vessel Orient Overseas Container Line christens OOCL Wisdom, dubbed the world’s largest methanol dual-fuel container vessel.