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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. .


Shore power illustration. Portsmouth port publishes white paper on UK’s first multi-berth shore power system  

UK port shares lessons from five-year project in bid to spur nationwide uptake of the technology.

IMO Technical Seminar on the use of ammonia as marine fuel. IMO seminar examines technical hurdles facing ammonia as a marine fuel  

Technical seminar under the Future Fuels and Technology Project attracts over 800 participants.

Wind-assisted vessel illustration. ICS to host webinar on wind-assisted propulsion for shipping  

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Mike Sellers, Christophe Mathieu and Steve Pitt. Portsmouth switches on UK’s first multi-berth shore power system  

ABB technology enables Portsmouth to offer high-voltage shore power across three berths simultaneously.

H2SITE logo. H2SITE lands €3.4m in Norwegian funding to scale up onboard ammonia-to-power system  

Enova backing will support the development of a 700 kW ammonia-cracking system for commercial maritime auxiliary-power applications.

VPS Carbon Reduction seminar in Hamburg graphic. VPS to host Hamburg seminar on fuel quality and decarbonisation  

European Round Table Meeting will address marine fuel strategy, lubricants and the multi-fuel transition.

Sadie Ann vessel. Battery-hybrid vessel enters service as a floating classroom for research students  

Hybrid research vessel Sadie Ann delivered for Lake Superior education programme.

Olivier Josse, Peter Grunwaldt and Gaetan Perret, Seascale Energy. Gaetan Perret to succeed Olivier Josse as Seascale Energy co-CEO  

Josse will step down after 36 years, with Gaetan Perret set to become co-CEO in December.

Anne Mai Hatlem and Prof Lynn Loo. GCMD and Equinor sign five-year partnership on alternative fuels and carbon storage  

Singapore-based centre and Norwegian energy company to combine expertise in maritime pilots and low-carbon fuel supply.

Petrobras logo. Petrobras suspends bunker deliveries at Rio Grande after tropical storm  

Storm damage and power outage leave resumption timeline unclear.


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