Mon 11 Dec 2017 07:58

Oil starts off the week where it ended... around $63


By A/S Global Risk Management.



After hovering close to $60-61 for a couple of days last week, Brent oil price ended the week a couple of dollars higher on Chinese imports, geopolitical tensions.At time of writing, Brent is around $63.3.

Adding to the bullish sentiment was news of high Chinese crude oil imports in November; including import from the U.S. where exports to China was record-breaking. 289,000 barrels per day was exported to the huge oil consuming country. Though still a small volume compared to the 9.01 mio. barrels which China imported in November. Imports to the huge country is up around 12% compared to a year ago.

Friday, the weekly oil rig count from Baker Hughes showed an increase in the number of active oil rigs of 2 last week to currently 751, the third increase in a row.

Geopolitical risk premium remains elevated after last week's decision by the U.S. to move its embassy in Israel – a row of countries disagree with the decision and some unrest was seen over the weekend in the area. Fears are that the unrest will spread and potentially cause supply disruptions in the oil-rich region.

Turning to economic data front, the main potential market mover will likely be the U.S. central bank meeting minutes and interest rate hike (?) on Wednesday, same procedure by Bank of England on Thursday.


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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