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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. .

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.
Island Oil Summer Students Programme. Island Oil opens operations to students in summer internship programme  

Cyprus-based firm gives students hands-on experience across its bunker business.
Launching ceremony of a 20,000-cbm LNG bunkering vessel with hull no. S1129. New 20,000-cbm LNG bunkering vessel for Somtrans Group launched at Chinese yard  

Exmar’s newbuilding supervision team oversaw the launch at CIMC Group’s shipyard in Qidong, China.
BP logo. BP seeks bunker trader for Singapore marine sales role  

Selected candidate will be responsible for key accounts, day-to-day marketing and marine trading.
Yangtze Canal widening project signing. Van Oord consortium completes first phase of Rotterdam’s Yangtze Canal widening  

The project will enable two-way traffic for container vessels of up to 24,000 TEU.
Orca Fisher vessel. James Fisher’s first LNG-capable chemical tanker named at London ceremony  

The Orca Fisher is the first of four dual-fuel FKAB T68 vessels built in China.
World Kinect Corporation logo. World Kinect marine segment posts record quarterly gross profit amid bunker price volatility  

Marine division delivers its best-ever quarterly result as the conflict in the Middle East drives bunker price swings.
Explora III vessel. Explora Journeys takes delivery of first LNG-powered ship in its fleet  

Explora III, delivered by Fincantieri in Genoa, marks the brand’s first LNG-fuelled vessel.

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