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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. .


Windward Hamburg vessel. VARD delivers final CSOV to Windward Offshore, completing series  

Methanol-ready Windward Hamburg joins the fleet as VARD completes delivery of four purpose-built CSOVs.

RSP and Dynamic People partnership signing. Rotterdam Shore Power partners with Dynamic People to digitalise operations  

The shore power developer is building a Microsoft-based digital platform to support its growth.

Dorian LPG logo. Dorian LPG orders three dual-fuel VLGCs from Hanwha Ocean in $345m deal, secures $368.4m credit facility  

US-listed VLGC operator has also fixed 99% of its fleet days at above $88,000 per day.

Seto Azure vessel. Osaka Gas completes first ship-to-ship LNG bunkering in Osaka Bay  

Bunkering vessel Seto Azure is used to supply an LNG-fuelled car carrier at Kobe.

EPS vessels naming ceremony. Eastern Pacific Shipping takes delivery of three LNG dual-fuel Newcastlemaxes five months ahead of schedule  

EPS receives Mount Victoria, Mount Yulong and Mount Wuyi from Qingdao Beihai Shipbuilding.

EmissionLink logo. EmissionLink urges demand aggregation to unlock zero-emission fuel investment  

MD calls for pooled demand to unlock investment and accelerate alternative fuel availability for shipping.

Hydrogen-fuelled vessel render. GMI awards eCap Marine contract for two additional hydrogen-powered bulk carriers  

3,000-DWT newbuilds to be built in India and enter service in Norwegian waters in 2029.

Navios Turquoise vessel. Navios Partners takes delivery of second LNG- and methanol-ready boxship in newbuilding series  

Handover of 7,900-TEU Navios Turquoise follows delivery of sister ship Navios Cyan in May.

Yang Ming and Hanwha Ocean contract signing ceremony. Yang Ming orders six 13,000-TEU LNG dual-fuel vessels from Hanwha Ocean  

Taiwanese carrier expands green fleet with ammonia-ready newbuilds due for delivery by 2029.

AiP award ceremony for 12,500-cbm LNG bunker vessel design. LR awards approval in principle to Chinese yard for 12,500-cbm LNG bunker vessel design  

Lloyd’s Register validates new LNG bunkering vessel concept by CSSC Huangpu Wenchong at SMM 2026.


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