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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. .


IBIA board elections 2026 IBIA opens voting for board elections with 11 candidates competing for four positions  

Members have until 5 February to vote, with results to be announced at AGM.

ABB and RSP contract signing. Rotterdam Shore Power selects ABB for world's largest shore power project  

ABB to engineer shore power systems with over 100MVA capacity at Europe's largest port.

Michael Cammarata, managing director of Glander International Bunkering's Florida office. Michael Cammarata appointed managing director of Glander International Bunkering's Florida office  

Cammarata succeeds Larry Messina, who will step down after 34 years in the role.

Steel cutting ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0315848. Steel cutting begins on LNG dual-fuel Aframax tanker  

Chinese yard cuts steel for 155,500-dwt crude carrier.

BV and CMDT cybersecurity agreement signing ceremony. Bureau Veritas and CMHI sign agreements to advance green and smart shipping solutions  

Classification society and Chinese shipbuilder strengthen partnership with cybersecurity and alternative fuel certifications.

Steel cutting ceremony of a 8400-teu LNG dual-fuel container vessel with builder's hull no. 0208111. Steel cutting begins on 8,400-teu LNG dual-fuel container vessel  

Chinese yard commences construction on LNG-powered container ship with Lloyd's Register oversight.

Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0315871. Keel laid for LNG dual-fuel crude oil tanker in China  

Ceremony held on 23 December for LNG-capable tanker under Lloyd’s Register class.

Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder’s hull no. 0315844. Keel laid for 155,500-dwt LNG dual-fuel crude oil tanker  

Chinese shipyard begins construction on Suezmax tanker, with Maran and ABS staff in attendance.

Steel cutting ceremony for CMA CGM’s 8,400-teu LNG dual-fuel container vessel. New Times Shipbuilding begins steel cutting on 8,400-teu LNG dual-fuel boxship  

Chinese shipyard begins construction on vessel for CMA CGM with Lloyd's Register classification oversight.

ISCC Logo. Golden Island secures ISCC EU certification for sustainable marine fuel trading  

Singapore-based firm can now supply B100 biodiesel and green methanol with verified sustainability proofs.


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