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Week 34: Crude Tanker Industry Overview

PART:
1 2 3 4
Part 3
Week 34: Crude Tanker Industry Overview PART 3 OF 4

Crude Oil Prices and Bunker Fuel Prices in Week 34

Week 34

In the previous part of this series, we saw that average VLCC rates fell near multiyear lows. Despite an increase in demand, Suezmax rates also fell in week 34 due to excess supply. On the other hand, Aframax rates rose. In this part, we’ll look at how crude oil prices and bunker fuel prices fared.

Crude Oil Prices and Bunker Fuel Prices in Week 34

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Crude oil prices

Brent crude oil prices were $52.41 per barrel on August 25, 2017—a slight fall from $52.7 per barrel a week ago on August 18, 2017. On August 18–25, 2017, US crude oil (USO) October futures fell 1.6% and settled at $47.87 per barrel on August 25—the fourth consecutive weekly loss.

Bunker fuel prices

On August 24, 2017, the average bunker fuel price was $346 per ton—compared to $342 on August 17, 2017. According to the Gibson report for the week, bunker fuel prices at Rotterdam were $298 per ton on August 24, 2017—up from $295 per ton the previous week. Bunker fuel prices at the Port of Fujairah rose to $312 per ton on August 24 from $310 per ton on August 17, according to the same report.

Which companies are impacted?

Product tankers, crude tankers, LNG (liquefied natural gas) carriers, and dry bulk carriers are all run by shipping companies. For these companies, bunker fuel is one of the most significant costs. Bunker fuel prices are closely related to oil prices. Any rise in oil prices translates to a rise in bunker fuel prices.

Major crude oil tanker companies include Nordic American Tankers (NAT), Euronav (EURN), Teekay Tankers (TNK), and Gener8 Maritime Partners (GNRT). Navios Maritime Partners (NMM) is a major dry bulk shipper, while Golar LNG (GLNG) and Teekay LNG Partners (TGP) are LNG carrier companies.

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