Page 34 - Platts Analytics News Today

Bunkerworld Index: Prices rise amid firming crude, pockets of tightness for bunkers 31st December 2020 11:40 GMT The S&P Global Platts Bunkerworld Index continued to rise amid continuing optimism in the wider oil complex and mixed market dynamics in bunker markets. The BW0.5%S Index ended Dec. 30 at $418/mt, up $4/mt day on day, up $12/mt month on the week and $37/mt higher than 30 days previously. The BW380 Index, which represents value for 3.5% sulfur fuel oil, rose $2/mt on the day to $333.5...

Middle East eyes slow jet fuel demand recovery on lingering travel restrictions The international travel hubs of the Middle East are expected to retrace some of their pandemic-induced jet fuel demand losses in 2021, but the reliance of the region’s airlines on long-haul flights and the grounding of fuel-guzzling wide-body aircraft suggest the near-term upside will be limited. As international flights gradually resume, S&P Global Platts Analytics expects the region’s jet fuel consumption to ...

Commodities 2021: Canadian natural gas exports, demand and production all forecast to rise year over year The outlook for gas markets in Canada in 2021 appears mostly positive as exports to the US increase and forecasts for a frigid winter look to draw down the nation’s storage surplus while production is set to grow for the first time in three years. Strong injections all summer left Canada with a record amount of gas in storage to start winter, and mild weather both locally and in downstrea...

After a year of soaring sales and low ending stocks, the Brazilian soybean farmers are likely to witness another year of high supply and demand scenario in 2021, on the back of a weak currency forecast. According to the average analysts’ estimates, despite the delayed planting and La Nina concerns, Brazil is forecast to produce ...

As oil refiners cope with the energy transition, the debt they have added to their balance sheets to weather the COVID-19 pandemic may force some to choose between debt reduction and dividend payments if the petroleum market recovery lags expectations. High-yield members of the group, including PBF Energy Inc., CVR Energy Inc. and Delek US Holdings Inc., have already suspended dividends in order to preserve cash. But during third-quarter earnings calls, executives at investment-grade HollyFront...

China’s soybean demand set to remain strong in 2021 on swine herd recovery from ASF After a year of record demand for soybeans, China is expected to continue its robust purchasing of the oilseed in 2021, and thus support global prices, as the country is slated to fully recover from the African Swine Fever or ASF epidemic in 2021. China’s surging beans demand in the 2020-21 marketing year (October–September) has been the prime driver of a 20%-30% year-on-year hike in global soy prices, whi...

Global oil supply set for shake-up in 2021 as crude, refining squeeze resumes Global oil demand is expected to rebound from the nadir of COVID-19 lockdowns in 2021 but the expected surge of Middle Eastern crudes and robust biofuel growth has implications for the global crude slate and refiners alike. In order to feed the expected economic recovery but continue to squeeze top-heavy global stocks next year, OPEC+ looks poised for a gradual easing of its output curbs as it keeps a watchful eye on ...

More gloom for European refiners on weak margins, new capacity More European refinery closures and conversions are on the cards for 2021 after dominating the sector in 2020 when the COVID-19 pandemic led to plunging demand for most oil products, with very weak margins and new capacity weighing on the sector next year. “We are barely 10%-20% of the way in what will close in the future,” according to Jonathan Leitch, Director of EMEARC Consulting at Turner, Mason & Company. 2020 was meant to ...

Capesize oversupply concerns; trade tensions vexing Panamax, Supramax Volatility was the hallmark of the dry bulk freight market in 2020 and this is expected to follow suit into 2021 as it encounters new waves of infections, political tensions and inclement weather conditions. While the pandemic wreaked havoc on the freight market in Q1 2020, the colossal Chinese stimulus measures helped drive up demand for seaborne dry bulk commodities, which in turn lifted shipping costs across the Capesize, ...

Biden’s softer stance on international sanctions unlikely to trigger big waves in oil markets President-elect Joe Biden could take a more lenient approach to heavily sanctioned nations such as Iran and Venezuela, but the timing and impacted volumes of crude are unlikely to have big impacts on the oil markets that will remain dominated by the ongoing coronavirus pandemic. Outgoing President Donald Trump took a hard-line stance on sanctions, undoing the US-Iran nuclear accord and adding new san...