Evgenia Vanadzina Gasum

Evgenia Vanadzina

Analyst
evgenia.vanadzina@gasum.com
p. +358401801066

28.07.2020  

Maritime market update: The Port of Rotterdam reported a 9.1% drop in cargo in H1 2020

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Risavika LNG index has dropped by 1.1 % week on week to below 15 EUR/MWh point. Gas supplies to the European gas markets remain healthy, as Nord Stream pipeline flows are back after the maintenance. Although, LNG arrivals and sendouts still seem to be low.

OPEC+ production cuts kept prices supported, and as covid-19 cases in the US decreased, there was a return of China-US tensions, which brought another uncertainty to the oil demand development. Despite this all, oil prices were quite stable last week. Fuel oil front prices (FO 3.5) closed at 238.61 USD/t last week, dropping by 0.7 % week on week. Low Sulphur (MFO 0.5) front month closed at 308.65 USD/t, losing 2.8 % from the previous week.

Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dipped 1.9 % to 2.7 million tonnes in the week to July 23, according to Insights Global. Compared to last year, jet fuel stocks were 24.2% higher, while gasoil inventories were down 10.4%.

The Port of Rotterdam reported a 9.1% drop in cargo throughput in the first half of 2020 because of the global covid-19 pandemic. The port handled 218.9 million tonnes of cargo during that period, down some 9.1% compared to the same period in 2019. The mineral oil products sector, mainly fuel oil, saw the largest drop of 22% in the first half of year.

 

LNG Risavika - LNG FOB Risavika 

LBG Risavika 10 % - 10 % blend of Liquified Biogas

FO 3.5 FOB Rdam – European 3.5% Fuel Oil Barges FOB Rdam (Platts) Futures Quotes

MFO 0.5 FOB Rdam - European FOB Rdam Marine Fuel 0.5% Barges (Platts) Futures Quotes

MGO 0.1 FOB ARA - Gasoil 0.1% Barges FOB ARA (Platts) Futures Quotes

ULSD FOB ARA - European Diesel 10 ppm Barges FOB ARA (Platts) Futures Quotes

 

Front Month Price index

LNG Risavika*

LBG blend

Risavika**

FO 3.5 FOB Rdam

MFO 0.5 FOB Rdam

MGO 0.1 FOB ARA

ULSD FOB ARA

Unit

14.95

17.95

17.11

21.19

24.80

26.87

EUR/MWh

253.26

304.08

238.61

308.65

361.25

374.75

USD/t

 

 Price index 27.7.2020.png

Source: CME Group, Gasum, Reuters, Seatrade

*An estimate for LNG FOB Risavika 

** An estimate for 10 % LBG blend FOB Risavika

Information regarding the coronavirus epidemic (COVID-19)

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