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Wed 14 Mar 2018 08:10

Mixed inventory data and upbeat Chinese economic data


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image: Global Risk Management
The weekly oil stocks data from the American Petroleum Institute (API) published last night showed a build in crude oil stocks of 1.15 mio. barrels last week. Gasoline and distillates stocks fell by 1.3 and 4.3 mio. barrels respectively. Now this afternoon's report from the Energy Information Administration (EIA) will be followed closely for confirmation/deviation of this trend and some volatility could be expected. Consensus is a build in crude oil stocks, draws in gasoline and distillates stocks.

Today, the monthly oil market report from OPEC is published, likely giving insights to status of the group's compliance to the current oil production cut deal, supply/demand balance and outlook for crude oil market development going forward..

Turning to economic data, overnight Chinese Industrial Production numbers for February came out better than expected at 7.2% (6.2% previous). As China is a huge oil consumer, upbeat economic data tends to be bullish for oil prices as increased activity could spur increased oil consumption. A couple of ECB speeches today and Eurogroup meetings continue. U.S. retail sales data is also published today.

Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.
Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.
The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.
Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.
Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.
Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.
Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.
Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.
Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.
Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.

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