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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. .


Vessel at sea with Graphyte and NYK Line logos. NYK to offset ship emissions with CDR credits from Loblolly project  

Japanese shipping group turns to biomass-based carbon sequestration to address residual maritime emissions.

Close-up view of a KESS vessel. K Line orders four LNG dual-fuel car carriers for European short-sea operations  

Kawasaki Kisen Kaisha contracts quartet of 1,380-vehicle vessels at China Merchants Jinling Shipyard.

Bunge logo. Bunge seeks bunker purchaser for Rotterdam operation  

Agribusiness is looking for candidates with experience in marine fuel procurement.

Launching ceremony of a 38,000-dwt chemical tanker with hull no. XY169. First vessel in NYK Stolt Tankers’ newbuild series launched in China  

FKAB-designed 38,000 DWT chemical tanker launched at Nantong Xiangyu Shipyard, China.

Damen Combi Freighter (CF) series vessel render. Damen expands biofuel-compatible Combi Freighter series with CF 6000 and CF 7000 designs  

Damen Shipyards Group adds two larger variants to its Combi Freighter series, offering up to 40% more cargo capacity.

JDP signing ceremony for WAPS-equipped LR1 tanker. K Shipbuilding, bound4blue and Bureau Veritas launch joint project for wind-assisted LR1 tanker  

The three partners are collaborating on a 74,000-dwt LR1 tanker design incorporating wind-assisted propulsion.

Seaspan Yangtze vessel. Hapag-Lloyd and Seaspan complete first methanol retrofit under five-ship programme  

The Seaspan Yangtze has been converted to dual-fuel methanol operation as part of a $120m programme.

MPA and MSC sign MoU. MPA and MSC sign MoU covering decarbonisation, digitalisation and talent development in Singapore  

The agreement marks 30 years of MSC’s presence in Singapore and covers alternative fuels adoption.

AiP award ceremony for SMR Powered PCTC. Lloyd’s Register backs nuclear car carrier concept with Korean partners at Posidonia 2026  

LR and Korean partners receive approval in principle for SMR-powered pure car and truck carrier concept.

AiP award ceremony for an 88,000 cubic metre dual-fuel VLGC. Lloyd’s Register expands Korean shipyard partnerships at Posidonia 2026  

A series of agreements covering alternative fuels and emerging technologies was announced at the Athens exhibition.


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