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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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De Vos has served on the bunker industry association’s board of directors since 2023.
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Expanded partnership offers turnkey wind propulsion installation services across CHI’s Chinese shipyard network.
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A.P. Moller-Maersk signs shipbuilding agreement with New Times Shipbuilding in China.
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Swedish ferry company takes over Umeå–Vaasa route operator, adding biogas-powered vessel to its network.
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H2SITE says Norway is advancing with Enova-backed initiatives, and the first dedicated bunkering vessels are expected from 2027.
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Graphic with photographs of IBIA's four elected board members for 2026. IBIA elects four board members for three-year terms  

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