Praxis Market Update

Wed 5 Oct 2016, 12:21 GMT

Market update from Praxis Energy Agents S.A.

Benchmark U.S. oil prices CLc1 have risen around $4, or around nine percent, to over $48 per barrel since the Organization of the Petroleum Exporting Countries (OPEC) agreed last week to shave output. The deal marks the return to supply caps for the producer group after a brutal two-year free-for-all when OPEC members ditched output targets and pumped more than the market needed in a price war that bloodied U.S. shale producers. U.S. oil output fell to around 8.7 million barrels per day in July, the lowest since May 2014 and down over 730,000 bpd on the year, mostly as shale producers hit by low oil prices cut output.

Singapore: Avails are tight. Earliest deliveries basis 9th-10th of October onwards, depending on barge schedules.

Fujairah: Earliest deliveries basis 10th-11th of October onwards, Barges fully booked basis 7th-8th of October.

Hamburg: Avails are fair with prompt deliveries even possible with 48 hours notice.


		Wallenius Wilhelmsen takes delivery of first methanol-ready Shaper Class vessel The dual-fuel Arctic Tern will enter service on the Asia–Europe trade almost immediately.

		Hapag-Lloyd signs shore power agreement with Hamburg Port Authority Deal commits the carrier to using onshore power supply at all Hamburg terminals.

		KPI OceanConnect reports 21% rise in pre-tax earnings for 2025/26 Marine fuel firm delivers 13 million tonnes and expands carbon markets capabilities amid geopolitical turbulence.

		VTTI Dalian completes first large-scale 'green methanol' vessel loading Cargo to be supplied as marine fuel in Shanghai.

		Oilmar appoints Steff Tan as marine fuels trader in Singapore New hire's background spans bunker operations, logistics, commercial trading, marketing, and business development.

		Cosco Shipping adds methanol-ready bulk carrier Feng Da Hai to fleet The 64,000-tonne vessel is equipped with a methanol fuel system for future low-carbon operations.

		Oilmar welcomes summer intern to Dubai branch Arpit Aryan will rotate across the bunker fuel trading, finance and operations departments.

		Oilmar takes on trading and finance intern in Dubai New intern to rotate across trading, operations and finance teams.

		Seaspan and Maersk deepen fleet efficiency collaboration with $75m upgrade programme Retrofit package for four 13,000-teu vessels includes installation of shaft generator to reduce auxiliary engine fuel consumption.

		EU Parliament vote on soy biofuels could expose bloc to $5.6bn a year in trade sanctions MEPs reject regulation that would have phased out soy biofuels, risking WTO retaliation penalties.