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Mon 12 Feb 2018, 09:43 GMT

Oil rig rise, financial markets stabilising, geopolitical risk premium up


By A/S Global Risk Management.

Oil prices dropped sharply end-of-day Friday and Brent briefly fell below $62 as the weekly oil rig count from Baker Hughes showed a whopping 26 rigs were added in the U.S. last week. Along with increased number of oil rigs, the U.S. oil production increased and surpassed 10 mio. barrels per day last week, which weighed on prices.

At time of writing, Brent oil price is higher, around $63.5 likely due to combination of improved financial market sentiment and increased geopolitical risk premium. Over the weekend, an Israeli fighter jet was brought down over Syria and Israel consequently carried out retaliation air strikes. It remains unclear if the conflict escalates further which is the main fear for now.

Today, OPEC will release its monthly oil market outlook and tomorrow, the IEA monthly report is published, both could entail some market jitters.

Turning to economic data front, today sees a couple of UK central bank speeches, later this week, Japanese, German and Eurozone GDPs along with U.S. retail sales data are published. Asia is heading into Lunar New Year from Thursday.

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Two-year framework allows inclusion of alternative fuels beyond biofuels in shipping decarbonisation partnership.
Bangkok city skyline. Uni-Fuels opens Thailand office as part of Southeast Asia expansion  

Marine fuel supplier establishes Bangkok entity, appoints managing director with 15 years’ industry experience.
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ABB selects Corvus for two new 160-vehicle ferries as part of $3.98bn electrification plan.
Vinssen and Mana Engineering sign MoU. Vinssen, Mana Engineering partner on hydrogen fuel cell retrofit for 800-teu feeder vessel  

South Korean and Dutch firms to pursue Lloyd’s Register approval for hybrid retrofit concept.
Hercules Elisabeth vessel. Hercules Tanker Management takes delivery of second Ultra-Spec vessel in China  

Hercules Elisabeth is the second of 10 hybrid-ready tankers designed for alternative fuels.
Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.

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