This is a legacy page. Please click here to view the latest version.
Wed 20 Dec 2017, 09:31 GMT

Oil prices inch upwards ahead of inventory data


By A/S Global Risk Management.



The weekly oil stocks data from the American Petroleum Institute (API), published last night, showed a drop in U.S. crude oil stocks of more than 5 mio. barrels last week, a drop in distillates stocks of almost 3 mio. barrels, while gasoline stocks increased by 2 mio. barrels. Consensus of the official oil inventory report, published by the International Energy Administration (IEA) this afternoon, is a draw of 3.7 mio. barrels in crude, a small draw in distillates and a build in gasoline inventories. The last four weeks have shown draws in crude oil stocks. Expect some volatility ahead of the publishing.

The new oil minister of OPEC's fifth largest oil producer, Kuwait, sees global crude demand increase by 1.5 mio. barrels per day next year. The growth rate complies with OPEC's forecast. The oil minister, Al-Rashidi, also said "that will support oil prices and support refining margins". Kuwait currently producers around 2.7 mio. barrels per day, but is planning to increase production to four mio. barrels per day in 2020. The country is part of the current production cut agreement entered by both OPEC and non-OPEC countries. OPEC's largest oil producer, Saudi Arabia, likely also sees increasing prices next year as the country stated that it expects oil revenue to increase by 12% in 2018.

Turning to economic data, today sees U.S. housing data and a tax reform vote. Also, Bank of England's Carney will speak this afternoon.


Rolls-Royce mtu engine test bench. Rolls-Royce Power Systems switches German engine test facilities to HVO fuel  

Company saved 3,200 tonnes of CO2 by end of 2025 after switching to renewable diesel.

MSC Migsan delivery ceremony. Changhong International delivers final LNG dual-fuel container ship 205 days early  

Chinese shipbuilder completes 10-vessel series for MSC with delivery of 11,500-teu MSC Migsan.

Seoul city skyline. Oilmar seeks senior and mid-level bunker traders in Seoul  

Marine fuel firm aims to recruit experienced traders for South Korean operations.

Morten Thomas Jacobsen, GEA. Global Ethanol Association to present on ethanol marine fuel at London shipping expo  

Morten Thomas Jacobsen will discuss ethanol fuel trials and maritime decarbonisation challenges in June.

Adrian Tolson, IBIA. IBIA warns of structural shift in marine fuel market following Middle East tensions  

Association chair says geopolitical disruptions signal lasting changes to bunker supply dynamics and pricing.

HMM Hamburg vessel. Rotterdam bunker volumes plunge 25% in first quarter amid regulatory shifts  

Fossil fuel sales decline sharply while alternative fuels show modest growth in Dutch port.

Camellia Dream vessel. Norsepower completes factory tests for 18 rotor sails bound for Airbus fleet  

Wind propulsion units cleared for installation on LD Armateurs vessels targeting 50% emissions reduction.

Frankie Russ vessel. Ernst Russ acquires four chemical tankers with five-year charters worth $126m  

Hamburg shipowner enters tanker segment with methanol-ready newbuildings delivering from Q4 2026.

Ammonia fuel system component. Wärtsilä boosts ammonia engine power output to match LNG equivalent  

Finnish technology group raises Wärtsilä 25 Ammonia engine output, enabling simpler vessel designs.

Aerial view of a cruiseship at sea. Fincantieri secures order for three LNG-fuelled cruise ships from Princess Cruises  

Italian shipbuilder to construct vessels at Monfalcone yard, with deliveries scheduled through 2039.


↑  Back to Top


 Recommended