Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 27 Dec 2017, 08:12 GMT

Oil prices surge to two-year high


By A/S Global Risk Management.

Yesterday, news of an exploded pipeline in Libya drove the Brent crude price to a close on just above $67. The explosion was said to be caused by armed men and is signaling that the situation, and thereby the supply, is still fragile.

The pipeline is run by the Waha Oil Company, and is supplying the Es Sider terminal. The disruption is reducing the output of Libya by 70-100 kbpd. As the pipeline exploded it may take a long time before it is operational again. The event is likely to support oil prices, at least in the short term.

This news comes on top of the Forties Pipeline in north western Europe being disrupted likely contributing to an uptrend in crude prices, which yesterday took a steep increase. The repair on the Forties pipeline is said to be completed, but the pipe must be tested before normal levels of operation can be restored.

Trading today is likely to be limited as Christmas holidays are still in effect.

Later today the weekly oil stocks data from the American Petroleum Institute (API) will be released one day ahead of the more closely watched report from the Energy Information Administration (EIA). The last 3 weeks have seen heavy draws in crude oil stocks, so expect some volatility around the publishing.

BP  
Flex Commodities logo. Flex Commodities seeks operator for bunker trading operations  

Candidates should have three to five years of relevant bunker or commodity trading operations experience
Glander International Bunkering logo. Glander International Bunkering seeks bunker trader for Valencia office  

Role open to sales professionals regardless of prior oil industry experience.
Frankie Russ vessel. TB Marine takes over technical management of methanol-ready tanker  

Newbuild MT Frankie Russ is first tanker in Ernst Russ's fleet.
AiP award ceremony for ecoAPEX cargo-handling technology. Lloyd’s Register grants approval in principle to Babcock LGE’s ecoAPEX cargo-handling technology  

New integrated system for gas carriers targets lower emissions and reduced reliquefaction energy consumption, with LR approval confirming its potential.
Lloyd's Register (LR) and K Shipbuilding MoU signing. K Shipbuilding and Lloyd’s Register to jointly develop ethanol-fuelled tanker design  

The pair will assess an ethanol-fuelled 50,000 dwt MR tanker, targeting Approval in Principle from LR.
AiP award ceremony for methanol-fuelled catamaran concept. Bureau Veritas grants approval in principle for methanol-fuelled catamaran concept  

Classification society backs O.S. Energy and Chartwell Marine’s fuel-system design for an aluminium vessel developed under a UK decarbonisation programme.
LNG carrier render. Wind propulsion offers 'no fundamental barriers' for LNG carriers, study finds  

Bound4blue’s research with Cryosafe Services concludes that wind-assisted propulsion can be integrated into LNG carrier operations without major obstacles.
Bureau Veritas grants AiP to Hudong-Zhonghua. Bureau Veritas grants AiP to Hudong-Zhonghua for new LNG carrier and VLGC designs  

Classification society approves two gas carrier designs featuring next-generation containment systems and dual-fuel propulsion capabilities.
Guanabara Bay FSRU. Petrobras signs 20-year LNG supply deal with Sempra Infrastructure  

Brazilian state oil company will purchase 0.8 mtpa of LNG from a Texas liquefaction terminal for two decades.
Launching ceremony of Amor. LNG dual-fuel crude oil tankers launched for Maran and Capital Ship  

Two 155,500-DWT vessels launched by New Times Shipbuilding in China.

↑  Back to Top


 Recommended