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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. .

CMA CGM Notre Dame vessel at Singapore Port. Singapore 12-month bunker calls hit all-time high in July  

TTM calls at world's largest bunkering hub reach record levels despite softer sales volumes.
Cargo port in Singapore. Singapore T3M bunker sales stay below 14m tonnes for fourth month running  

Rolling three-month volumes remain subdued despite modest month-on-month recovery in July.
Shore power system launch at Port of Callao. Peru’s Port of Callao launches first shore power system in Latin America  

DP World Callao’s onshore power supply system could cut over 6,300 tonnes of CO₂ annually.
Aristodimos vessel. New Times Shipbuilding delivers LNG dual-fuel crude oil tanker to Capital  

Chinese yard hands over 155,500-dwt vessel in ceremony attended by owner’s representative.
MSC Sabrina and Alice Cosulich ship-to-ship (STS) bunkering operation. Shell completes maiden LNG bunkering operation in Valencia  

Delivery to MSC vessel facilitated by Fratelli Cosulich said to be first-ever LNG bunker supply at Spanish port.
Marina Bay Sands, Singapore. PIL hiring senior marine fuels executive to manage global bunkering operations  

Singapore-based role includes oversight of fuel procurement and delivery operations, covering PIL's fleet of container and multi-purpose vessels.
Steel-cutting ceremony of vessels with builder's hull nos. CHB2083 and CHB2084. Changhong International Shipbuilding cuts steel on two more 3100-teu boxships for Costamare  

HSFO-fuelled vessels feature scrubbers, SCR systems and shore power connections to meet emissions requirements.
Decab Hub and MMMCZCS logos. Lloyd’s Register and Maersk Mc-Kinney Møller Center launch ammonia safety and training resources for shipping  

New tools aim to help operators build the safety management and competency frameworks needed for ammonia-fuelled vessels.
Kevin Dohmen, IBT Bunkering & Trading. IBT Bunkering & Trading appoints Kevin Döhmen to manage new Singapore office  

Döhmen tasked with developing IBT’s operation in the Asian city-state.
Peak Skarv 3 vessel. Peak takes delivery of third S-class vessel and cuts steel for ammonia-fuelled ship  

Norwegian operator marks two events at Chinese yard as ammonia-powered newbuild programme advances.

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