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Wed 8 Oct 2014, 08:28 GMT

Market Briefing


Outlook for lower demand growth made oil prices drop (Brent $91.3).

Fuel oil trend

Rotterdam: $ 3 lower
Singapore: $ 6 lower
US Gulf: $ 5 lower

Outlook for lower demand growth made oil prices drop (Brent $91.3)

Yesterday, the International Monetary Fund published a bleak economic growth forecast, downscaling growth to 3.8 versus 4.0 in July. Also, the EIA published its monthly report yesterday where it forecasts a lower 2014 world oil demand than previously announced – from 91.55 mbpd to 91.47 mbpd. It furthermore expects an OPEC crude oil output cut to 29.24 mbpd in 2014. Lower growth outlook points to lower oil demand --> lower oil prices in times of ample supply situation.

The weekly oil stock data from the American Petroleum Institute (API) showed a large build in crude and gasoline stocks (5.100M and 2.500M respectively), a draw in distillates yesterday. Now the market is looking for the weekly oil inventory report from the Energy Information Administration (EIA) this afternoon for confirmation of this trend.

Chinese HSBC Services PMI (Sep) came out lower than forecast at 53.5 (consensus 53.8) this morning. Tonight, the meeting minutes from the latest FOMC meeting could give insights on the central bank's monetary policy and we could see some volatility around this time.

BP  
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Japanese shipping group turns to biomass-based carbon sequestration to address residual maritime emissions.
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Kawasaki Kisen Kaisha contracts quartet of 1,380-vehicle vessels at China Merchants Jinling Shipyard.
Bunge logo. Bunge seeks bunker purchaser for Rotterdam operation  

Agribusiness is looking for candidates with experience in marine fuel procurement.
Launching ceremony of a 38,000-dwt chemical tanker with hull no. XY169. First vessel in NYK Stolt Tankers’ newbuild series launched in China  

FKAB-designed 38,000 DWT chemical tanker launched at Nantong Xiangyu Shipyard, China.
Damen Combi Freighter (CF) series vessel render. Damen expands biofuel-compatible Combi Freighter series with CF 6000 and CF 7000 designs  

Damen Shipyards Group adds two larger variants to its Combi Freighter series, offering up to 40% more cargo capacity.
JDP signing ceremony for WAPS-equipped LR1 tanker. K Shipbuilding, bound4blue and Bureau Veritas launch joint project for wind-assisted LR1 tanker  

The three partners are collaborating on a 74,000-dwt LR1 tanker design incorporating wind-assisted propulsion.
Seaspan Yangtze vessel. Hapag-Lloyd and Seaspan complete first methanol retrofit under five-ship programme  

The Seaspan Yangtze has been converted to dual-fuel methanol operation as part of a $120m programme.
MPA and MSC sign MoU. MPA and MSC sign MoU covering decarbonisation, digitalisation and talent development in Singapore  

The agreement marks 30 years of MSC’s presence in Singapore and covers alternative fuels adoption.
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LR and Korean partners receive approval in principle for SMR-powered pure car and truck carrier concept.
AiP award ceremony for an 88,000 cubic metre dual-fuel VLGC. Lloyd’s Register expands Korean shipyard partnerships at Posidonia 2026  

A series of agreements covering alternative fuels and emerging technologies was announced at the Athens exhibition.




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