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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. .

HMM and HD Hyundai Heavy Industries (HD HHI) contract signing. HMM orders eight LNG dual-fuel container ships in newbuild push  

South Korean carrier commissions 13,000-TEU vessels from HD Hyundai, with deliveries due to begin in 2029.
Keel-laying ceremony of vessel with builder's hull no. S1125. CIMC SOE advances construction on three LNG bunker vessels  

Chinese shipbuilder progresses three bunker vessel projects in the same week.
Verde Marine Energy (VME) logo. Verde Marine Energy adds two staff as it expands bunkering operations in ARA region  

Dutch bunker supplier hires former Melroh Trading employees and launches RMG 380 3.5% HSFO barge service following Sunoco Marine tie-up.
Fund for Energy Efficiency Technologies (FEET) signing ceremony. Fund for Energy Efficiency Technologies finances first wind-assisted propulsion projects with Eastern Pacific Shipping  

GCMD and AIM Horizon Investments link verified fuel savings to financing for two EPS vessels fitted with wind-assisted propulsion.
Launching ceremony of Yacht Prime and Yacht Star. Pinnacle Marine launches two B100-compatible utility boats for Excelessel Offshore  

Singapore shipbuilder nears completion of six-vessel B100 series.
Maersk Torino vessel. BSM takes over methanol-fuelled Maersk Torino, building alternative fuel experience  

Ship manager adds methanol-fuelled container vessel to its fleet, citing growing expertise in alternative fuel operations.
Albert Park vessel. Bureau Veritas marks naming of Union Maritime's wind-assisted Aframax tanker  

Albert Park, fitted with three WindWings sails, is Chinese yard's first wind-assisted Aframax product tanker.
Maersk Halifax ship-to-ship (STS) ethanol bunkering operation. Singapore completes world's largest ethanol bunkering operation  

Maersk, Golden Island and PSA perform ethanol bunkering in Singapore, drawing on methanol handling experience and safety protocols.
WinGD Global Service personnel. WinGD signs five-year service deal for NYK LNG carrier fleet  

Swiss engine designer WinGD will support ten dual-fuel engines across five Japanese-operated LNG carriers.
Steel-cutting ceremony for vessel with builder's hull no. N1036. Steel cut for third methanol-ready chemical tanker in ROC-Essberger series  

Chemical tanker series is designed with provisions for methanol fuel and wind-assisted propulsion systems.

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