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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.

O Bunkering and Marafi Services merger ceremony. O Bunkering and Marafi Services announce merger  

Omani firms join forces to accelerate growth and improve operational efficiency.
Order ceremony for LNG dual-fuel container vessels. OOCL orders twelve 13,600-teu LNG dual-fuel container vessels from Chinese shipbuilder  

Hong Kong-based carrier’s first LNG-powered vessels mark entry into alternative fuel segment.
Lucia Cosulich vessel. Cosulich launches second methanol-ready bunker vessel at Chinese shipyard  

Lucia Cosulich is the second of four sister vessels being built for alternative fuel bunkering.
LNG bunkering vessel render. Wärtsilä Gas Solutions secures order for LNG systems on four bunkering vessels  

GSX Energy orders systems for vessels being built at Chinese shipyard Nantong CIMC Sinopacific.
Guo Si ship-to-ship (STS) bunkering operation. Chimbusco Pan Nation delivers 2,500 mt of B100 biodiesel in China’s largest single bunkering  

Hong Kong operation claims 89% greenhouse gas emissions reduction compared with conventional marine fuel.
Caroline Yang, Diana Mok and Francois-Xavier Accard, IBIA. IBIA appoints three new members to Asia regional board  

Caroline Yang, Diana Mok and Francois-Xavier Accard join the board following unanimous approval.
Reimei vessel. MOL achieves 98% methane slip reduction in LNG-fuelled vessel trials  

Japanese shipping company exceeds target in demonstration trials aboard coal carrier operating between Japan and Australia.
Seaside LNG logo. Seaside LNG expands C-suite with four industry veterans  

Houston-based firm appoints new leadership team as LNG bunkering market projected to reach $15bn by 2030.
International Maritime Organization (IMO) headquarters. ICS calls for swift adoption of global regulatory framework  

Secretary general notes MEPC discussions were constructive, but that many member states were still not in a position to adopt the framework without further changes.
WSC quote on maritime discussions. WSC welcomes 'constructive engagement' on global emissions reduction measure  

The liner industry has invested $150bn in dual-fuel ships, but emissions reductions depend on a global framework, notes WSC CEO.

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