Mon 8 Jan 2018 09:16

Brent remains in a tight trading range, between $67-68


By A/S Global Risk Management.



Brent oil price remains in a tight trading range, between $67-68, at the time of writing.

Friday's weekly oil rig count from Baker Hughes showed a decline of 5 oil rigs last week to currently 742. A drop in active oil rigs is usually bullish for oil prices, but likely the downbeat U.S. job data also on Friday weight on prices. Growth in the huge oil producing country tend to imply increased oil demand and vice versa. The cold weather continues in the U.S. and the weekly oil stocks data from the API and EIA will therefore be followed closely for effects on oil stocks.

According to the Iranian Revolutionary Guards, the unrest in the country which lasted more than a week, has ended. The unrest increased the geopolitical risk premium and supported oil prices on fears of the unrest potentially leading to supply disruptions and/or spreading to other oil producing countries.

According to a Reuters survey OPEC compliance to the current oil production deal came at a whopping 128% in December compared to 96% in November. According to the EIA. The production cut deal aims at reducing global oil inventories to 5-year average and will be reviewed in June.

Turning to economic data, this week sees a row of inflation data. Today's main event is the Eurozone retail sales and Fed member speeches. Friday's U.S. employment figures came out lower than expected (148K versus 252K previous) while unemployment rate remained unchanged. .


Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.

Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.

Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.

Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.

Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.

The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.

Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.

Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.

The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.

The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.


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