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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. .

Verde Marine Energy (VME) logo. Verde Marine Energy completes its first B100 biofuel bunkering in ARA region  

Supplier delivers B100 advanced FAME to Vertom vessel.
CMA CGM Notre Dame vessel. Bureau Veritas classes CMA CGM’s first 24,000-teu LNG dual-fuel mega boxship built by Yangzi Xinfu  

BV highlights work carried out during design, construction and commissioning of new new ultra-large container vessel.
ECSA and A4E logo. Shipping and aviation bodies urge EU to redirect ETS revenues into sustainable fuels  

ECSA and A4E say more than €11bn in annual ETS contributions must fund decarbonisation efforts.
Scotland flag. Bunker One deploys supply barge at Aberdeen South Harbour ahead of July launch  

Marine fuel supplier targets Aberdeen’s growing maritime sector with dedicated barge.
Steel cutting ceremony of vessel with builder's hull no. H2840. Jiangnan Shipyard breaks ground on LPG-fuelled ammonia carrier for Jaldhi Overseas  

Constructions starts on 95,000-cbm vessel set to be world’s largest liquid ammonia carrier.
Mineral Latvija vessel. Fortescue and CMB.Tech sign charter deal for up to 12 ammonia-capable bulkers  

The agreement covers 12 Newcastlemax vessels, with three to be delivered as dual-fuel ammonia ships by end-2026.
Federal Beaufort vessel. Verra publishes new carbon methodology for alternative fuels in shipping  

VM0053 framework offers an accounting structure for emissions reductions in maritime transport.
NYK LNG-powered vessel connected to shore power. ICO launches Belgium’s first commercial shore power facility for ro-ro vessels at Zeebrugge  

NYK Group subsidiary connects pure car and truck carrier to green shore power at Belgian port.
Ocean Express ship-to-ship (STS) LNG bunkering operation. Dan-Bunkering completes LNG supply in China for Sallaum Lines’ newbuild PCTC  

Bunker firm delivers approximately 1,400 tonnes of LNG to Sallaum Lines’ newbuild car carrier in China.
Seaspan Lions (STS) LNG bunkering operation. Low-GHG methane could keep LNG-capable fleet compliant as regulations tighten, DNV paper argues  

Biomethane and e-methane offer a compliance pathway for LNG-capable ships, says DNV.

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