Praxis Market Update

Mon 11 Jan 2010, 15:35 GMT

Oil market opened higher with latest Chinese trade figures leading the trend, pushing up crude to USD 83.60/bbl with the support also from a weaker USD and supply concerns from the recent rebel attack at Nigerian pipe lines.

In Singapore, most players were offering firm for requirements dated from 15th onwards, whereas some appeared very keen to compete aggressively on bigger 180cst volumes while market levels are moving still on the high side.

In Richards Bay, situation is reported tight in respect to availability with one key supplier advising fully committed inventories.

In Gibraltar, suppliers seem concerned regarding weather conditions warning of possible delays in case situation gets worse in the Strait.

In Rotterdam, schedules are looking earliest towards end of the week according to last updates.

In Hong Kong, some suppliers report tight mgo avails for the following days, thus not able to accommodate prompt distillate requirements

MGO


		Greece floating nuclear study finds no fundamental barriers to implementation A PESTLE assessment of floating nuclear power plants in Greece identifies framework gaps, not feasibility barriers.

		Molgas completes LNG cool-down and bunkering for Northern Pathliner at Northern Lights terminal in Norway Operation carried out at Øygarden facility, with K Line and Integr8 Fuels in the supply chain.

		G2 Ocean expands fleet with six future-fuel ready gantry crane vessels Open hatch specialist adds vessels and jet sail technology as part of a broad fleet renewal programme.

		LNG-powered CMA CGM Adventure makes first call at the Port of Mombasa Kenya Ports Authority receives its first large LNG-fuelled container vessel.

		Maritime trio shapes IMO safety guidelines for ammonia as marine fuel Real-world operational experience feeds directly into new IMO ammonia fuel safety framework.

		Repsol starts large-scale renewable fuel production at second Iberian plant Spanish energy company's Puertollano facility adds 200,000 tonnes per year of renewable diesel capacity.

		World's first dual-fuel methanol escort tug receives full class certification ABS grants certification to SD Aisemaht, built by Sanmar Shipyards for Canada's Trans Mountain Expansion Project.

		CMB.Tech raises TFG Marine stake to 15% and consolidates bunker procurement through joint venture CMB.Tech increases its equity stake in TFG Marine and commits its entire fleet’s bunker requirements to the joint venture.

		XFuel secures EUR 4.1m Catalonia grant for waste-derived marine fuel plant Spanish start-up wins funding to build a modular facility converting waste oils into low-carbon marine gas oil.

		Construction begins on liquefied biogas facility at Port of Gothenburg Nordion Energi's new plant aims to open up Swedish biogas supply to shipping and other sectors beyond the gas grid.