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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. .


Bunkering of Viking Line's Viking Glory by a Gasum vessel in Turku, Finland. Gasum renews FuelEU Maritime pooling partnerships with Viking Line and Wallenius SOL  

Nordic energy company extends compliance pooling arrangements with two shipping companies operating bio-LNG vessels.

Naming ceremony for CMA CGM Carmen on 18 March 2026. CMA CGM names methanol-powered container ship CMA CGM Carmen  

French shipping line christens 15,000-teu vessel as part of its alternative fuel fleet expansion.

Graphic promoting Singapore Shipping Association marine green fuels training course. Singapore Shipping Association launches marine green fuels training course  

One-day programme covers supply chains, emissions accounting and infrastructure for biofuels, methanol, ammonia and hydrogen.

The Hua Hong 68 at the terminal of Sinochem Xingzhong Oil Staging, Zhoushan. China launches first domestic biofuel blending pilot at Zhoushan port  

Sinochem Xingzhong begins processing 2,000 tonnes of biodiesel with high-sulphur fuel oil.

'AeroLNG' ship with WindWings installation. Bureau Veritas approves BAR Technologies’ WindWings power calculation method for tanker installations  

Classification society validates computational approach for quantifying wind-assisted propulsion under IMO frameworks.

The bunkering tanker Avenir Accolade. Stolt-Nielsen sells 50% stake in Avenir LNG to NYK Line  

The two shipping groups will jointly own the LNG bunkering business.

David Ortiz, trading manager at Sonan Energy Panama. Sonan Energy Panama appoints David Ortiz as trading manager  

Former US Marine brings nearly a decade of bunker trading experience to Panama role.

The M/T Jutlandia Swan, operated by Uni-Tankers. Project CLEANSHIP begins collecting operational data from wingsail-equipped tanker  

M/T Jutlandia Swan serves as floating laboratory to measure wind-assisted propulsion performance.

Bernhard Schulte Shipmanagement's (BSM) second methanol dual-fuel bulk carrier. BSM adds second methanol dual-fuel bulk carrier to managed fleet  

Ship manager now operates two methanol-capable vessels as alternative fuel adoption continues in the bulk sector.

Petrobras logo. Petrobras suspends MGO export sales following Brazilian government’s 50% export tax  

State oil company halts distillate fuel exports while assessing impact of new levy.


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