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Thu 11 Jan 2018, 09:31 GMT

Oil stocks, Iran deal and European central bank meeting in focus


By A/S Global Risk Management.

Huge draw in weekly crude oil stocks supports prices ahead of the next oil stocks data this afternoon.

The weekly oil inventory report from the Energy Information Administration (EIA) confirmed Tuesday's API oil stocks data with huge draw in crude oil, considerable builds in gasoline and distillates inventories. The draw in crude oil stocks was only half of the API data though. U.S. crude oil production fell slightly last week. Immediate market reaction was a short spike in oil prices followed by a sharp drop and at time of writing Brent oil price is hovering around $69.

EIA oil inventory data:

Crude oil: -4.95 mio.
Distillates. +4.25 mio.
Gasoline: +4.14 mio.
Change in refinery runs: -1.40%

Tomorrow is deadline for the U.S. president accepting (or not accepting) a continuation of the waivers of oil-related sanctions on Iran. Trump refused to issue the waiver in October where he stated that Iran is not complying with the deal (nuclear deal from 2015 between Iran and a row of countries). Since sanctions against Iran was lifted, the country's oil production as well as exports have increased, see below chart.

Non-OPEC oil producer Kazakhstan continues to increase oil production this year after already increasing production last year from 78 mio. tonnes to 86.2 mio. tonnes in 2016.

Turning to economic data, today sees ECB December meeting minutes, U.S. inflation data along with German GDP and U.S. jobs data. .

Anne Mai Hatlem and Prof Lynn Loo. GCMD and Equinor sign five-year partnership on alternative fuels and carbon storage  

Singapore-based centre and Norwegian energy company to combine expertise in maritime pilots and low-carbon fuel supply.
Petrobras logo. Petrobras suspends bunker deliveries at Rio Grande after tropical storm  

Storm damage and power outage leave resumption timeline unclear.
Grande Egitto vessel. Grimaldi adds fourteenth ammonia-ready car carrier to fleet  

Grande Egitto, built by China Merchants Heavy Industries Jiangsu, will operate on the Asia–East Africa trade route.
ABS awards AiP to HD HHI and HD KSOE for ammonia bunkering vessel design. ABS grants design approval for ammonia bunkering vessel from HD HHI and HD KSOE  

Approval in principle covers a 22,000-cbm multi-purpose vessel intended to supply ammonia as marine fuel.
Trenching vessel render. Jan De Nul exercises option for alternative-fuel-capable trenching vessel  

Belgian marine contractor confirms option for a second subsea trenching vessel built on Ulstein's customised design platform.
ABS issues NTQ approval to MODEC and Eld Energy. ABS grants technology qualification approval for FPSO fuel cell system  

MODEC and Eld Energy’s solid oxide fuel cell system moves towards offshore trials after clearing initial ABS review stages.
IMO CCC 12th Session. IMO sub-committee finalises revised methanol fuel safety guidelines  

CCC 12 completes revision of interim methanol fuel guidelines while advancing work on carbon capture and low-flashpoint fuel rules.
Volare Shipping logo. Trafigura spins off VLCC fleet into new listed shipping company  

Volare Shipping established, with eight ammonia-ready vessels on order.
Ship-to-ship ammonia bunkering operation. Japan completes world's first ship-to-ship ammonia bunkering to ammonia-fuelled vessel  

Ammonia fuel transferred between ships at Ariake Shipyard ahead of gas carrier’s sea trials.
Lilac Cove vessel. Jiangnan delivers second LPG dual-fuel VLAC in series to Singapore’s EPS  

Lilac Cove, the world’s largest liquid ammonia carrier, joins Ivy Cove as Jiangnan advances its six-ship VLAC programme.

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