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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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Alexander Treff joins marine fuels firm while studying international business at Copenhagen Business School.
Carlotta Cosulich vessel. Cosulich Marine Energy takes delivery of third methanol-ready bunker tanker  

Carlotta Cosulich joins the group’s fleet, bringing its four-vessel bunkering programme closer to completion.
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Shipping firm signs for LNG-fuelled car carriers with options for eight more, with deliveries from 2030.
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Farrie Russ vessel. Ernst Russ takes delivery of second methanol-ready tanker  

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The Port of València's new €18.7m substation will support onshore power supply systems and growing terminal electricity demand.
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Two organisations sign MoU to strengthen evidence-based input on methane emissions at the IMO.
China Zorrilla vessel. Battery-powered ferry China Zorrilla enters service in South America  

Ro-pax vessel now operating between Argentina and Uruguay, powered by more than 41 MWh of Corvus Energy battery systems.

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