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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. .

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Industry body says evidence does not establish a direct link between shale oil and reported operational issues.
KUSPC grand opening. ABS grants AiP for LNG bunkering barge design  

Samsung Heavy Industries and Conrad Shipyard receive AiP for basic design under joint development.
Waalvliet vessel. ABB and Econowind combine wind propulsion with digital routing to cut ship emissions  

The partnership integrates wind-assisted propulsion with weather routing to reduce fuel consumption.
Peninsula logo. Peninsula seeks junior cargo trader for Dubai role  

Position centres on the procurement of marine fuels, blending components and associated products.
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Cyprus-based firm gives students hands-on experience across its bunker business.

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