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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. .

Flex Commodities logo. Flex Commodities seeks operator for bunker trading operations  

Candidates should have three to five years of relevant bunker or commodity trading operations experience
Glander International Bunkering logo. Glander International Bunkering seeks bunker trader for Valencia office  

Role open to sales professionals regardless of prior oil industry experience.
Frankie Russ vessel. TB Marine takes over technical management of methanol-ready tanker  

Newbuild MT Frankie Russ is first tanker in Ernst Russ's fleet.
AiP award ceremony for ecoAPEX cargo-handling technology. Lloyd’s Register grants approval in principle to Babcock LGE’s ecoAPEX cargo-handling technology  

New integrated system for gas carriers targets lower emissions and reduced reliquefaction energy consumption, with LR approval confirming its potential.
Lloyd's Register (LR) and K Shipbuilding MoU signing. K Shipbuilding and Lloyd’s Register to jointly develop ethanol-fuelled tanker design  

The pair will assess an ethanol-fuelled 50,000 dwt MR tanker, targeting Approval in Principle from LR.
AiP award ceremony for methanol-fuelled catamaran concept. Bureau Veritas grants approval in principle for methanol-fuelled catamaran concept  

Classification society backs O.S. Energy and Chartwell Marine’s fuel-system design for an aluminium vessel developed under a UK decarbonisation programme.
LNG carrier render. Wind propulsion offers 'no fundamental barriers' for LNG carriers, study finds  

Bound4blue’s research with Cryosafe Services concludes that wind-assisted propulsion can be integrated into LNG carrier operations without major obstacles.
Bureau Veritas grants AiP to Hudong-Zhonghua. Bureau Veritas grants AiP to Hudong-Zhonghua for new LNG carrier and VLGC designs  

Classification society approves two gas carrier designs featuring next-generation containment systems and dual-fuel propulsion capabilities.
Guanabara Bay FSRU. Petrobras signs 20-year LNG supply deal with Sempra Infrastructure  

Brazilian state oil company will purchase 0.8 mtpa of LNG from a Texas liquefaction terminal for two decades.
Launching ceremony of Amor. LNG dual-fuel crude oil tankers launched for Maran and Capital Ship  

Two 155,500-DWT vessels launched by New Times Shipbuilding in China.

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