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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. .

Sing Fuels logo. Sing Fuels seeks Asia-based supply trader to bolster bunker procurement team  

Singapore bunkering firm is recruiting a supply trader to manage marine fuel purchasing across Asia.
MOL joint naming ceremony. MOL names world's first ammonia-fuelled Capesize bulk carriers  

Naming of Ruri Mirai, Ruri Sekai and Ruri Hikari signals ammonia's arrival as a marine fuel for large bulk carriers.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. ABB wins Washington State Ferries' third hybrid-electric vessel order  

ABB extends its role in the US ferry operator's electrification programme, which targets emission-free operations by 2050.
Aurora Borealis vessel. Kawasaki Heavy Industries delivers LPG-fuelled carrier Aurora Borealis  

Ship could also be modified in future to allow for ammonia-fuelled operation.
Rendering of Estonia's first shore-charged electric ferry. Estonian State Fleet's shore-charged electric ferry completes model testing in Germany  

Hull and propulsion tests show the vessel's energy consumption remains within contracted limits with room to spare.
Kypros Island vessel. Tsuneishi delivers first methanol dual-fuel Kamsarmax bulk carrier from Chinese yard  

Shipbuilder claims progress towards establishing a mass-production system for vessels designed to reduce environmental impact.
ZIM LNG container vessel. Los Angeles and Long Beach identify LNG and methanol as key near-term marine fuels  

Joint feasibility study maps out demand projections and infrastructure needs to support cleaner shipping fuels at San Pedro Bay
Alexander Treff, Christiania Energy, Christiania Energy welcomes student assistant to Copenhagen office  

Alexander Treff joins marine fuels firm while studying international business at Copenhagen Business School.
Carlotta Cosulich vessel. Cosulich Marine Energy takes delivery of third methanol-ready bunker tanker  

Carlotta Cosulich joins the group’s fleet, bringing its four-vessel bunkering programme closer to completion.
Rendering of a Wallenius Wilhelmsen vessel Wallenius Wilhelmsen orders four dual-fuel PCTCs, extends fleet renewal programme  

Shipping firm signs for LNG-fuelled car carriers with options for eight more, with deliveries from 2030.

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