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Tue 9 Jan 2018, 09:22 GMT

Oil prices around three-year highs


By A/S Global Risk Management.



Brent oil price headed back into the $68 area this morning. The most likely potential market mover will be tonight's weekly oil inventory data.

Allegedly, current geopolitical tensions in OPEC member countries Iran and Venezuela are monitored by OPEC, but no measures are on the way to counter potential production disruptions from OPEC's side yet unless there are significant and sustained disruptions. In Libya, a large pipeline is restarting after suffering damage last week.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) is published. The last 5 weeks have shown huge draws in crude oil stocks and consensus is another drop this week. Interesting to see if the cold weather has affected the distillates and gasoline inventories in the huge country.

Tomorrow, the oil inventory report from the EIA will be published and followed just as closely.

Turning to economic data, today sees German trade activities along with Eurozone unemployment and U.S. JOLTs job openings. .


Flex Commodities office in Dubai. Flex Commodities moves Dubai head office to Jumeirah Lakes Towers  

UAE-based firm relocates to waterfront community popular amongst bunker companies.

Echandia Core marine battery system. Echandia: Batteries offer fuel savings by optimising generator loads on large vessels  

Marine batteries could cut auxiliary generator fuel consumption by up to 15%, according to technology firm.

Palermo LNG facility. Amazónica LNG joins SEA-LNG, extending the coalition’s reach into Latin America  

Colombian LNG terminal operator becomes first South American member of the multi-sector industry group.

Launching ceremony of Priority. Hong Lam Marine launches first of four newbuild bunkering vessels  

First ship in the series, Priority, is launched in Jiangmen, China.

CMA CGM Osmium ship-to-ship (STS) bunkering operation. CMA CGM completes world’s largest single-batch biomethanol bunkering at Shanghai  

8,016-tonne operation said to be enough to fuel an entire transoceanic voyage.

ClassNK logo. ClassNK revises alternative fuels guidelines to address hydrogen, methanol and ethanol safety requirements  

Updated guidelines incorporate IMO hydrogen rules and new structural standards for alcohol fuel tanks.

CMA CGM containership. MacGregor wins cargo handling contract for six LNG-powered boxships at Cochin Shipyard  

CMA CGM container vessels are scheduled for delivery between 2029 and 2031.

KRATT vessel. Estonia launches biomethane-battery workboat for state fleet  

38-metre KRATT is said to be the first vessel of its kind in the region.

YM Willpower bunkering operation via SIMOPS. Yang Ming completes first LNG SIMOPS bunkering for YM Willpower in Shanghai  

Dual-fuel boxship receives 2,000 tonnes of LNG during simultaneous cargo operations.

Chris Kruger, AYK Energy. AYK Energy and Gebhard Electro secure two vessel electrification contracts  

A new dredger and a patrol vessel retrofit form the latest battery projects for the duo.


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