Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Thu 8 Mar 2018, 08:25 GMT

Oil drops on inventories, trade war worries


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
The weekly U.S. oil inventory data from the EIA showed a smaller-than-expected build in crude oil stocks, 2.4 mio. barrels versus 2.7 mio. barrels expected; and both distillates and gasoline stocks fell more than expected, 0.5 and 0.8 mio. barrels respectively. However, it is the third week of increasing crude oil inventories which weighed on oil prices along with news of another increase in total U.S. crude oil production to 10.369 mio. barrels per day last week. Oil prices dropped almost immediately following the data release.

Fears of a global trade war continue to loom and affect the financial markets, spilling over to the oil market; weighing on prices. The U.S. has announced it will impose tariffs on aluminum and steel; several countries and the EU have mentioned the option of retaliatory tariff actions.

Turning to economic data, this morning saw improved Japanese GDP as well as improved Chinese trade balance for February. Later today, the eurozone interest rate decision followed by press conference.

Next major potential oil market mover could be tomorrow's weekly U.S. oil rig count from Baker Hughes.

World Fuel logo. World Fuel seeks marine lube operations and sales executive in Greece  

US firm is recruiting for a commercial role focused on marine lubricants, based out of its Glyfada office.
ECSA Parliamentary Breakfast event. European shipowners call for fuel supplier mandates and ETS revenue investment ahead of policy revision  

Industry body urges EU policymakers to redirect carbon revenues into clean marine fuel production.
Coral Energy vessel at Klaipeda LNG terminal. Gasum secures LNG terminal capacity at Klaipėda through 2040  

Nordic energy company locks in long-term LNG supply access to serve northwestern European markets.
Torm Corrido vessel. Chimbusco Pan Nation extends B100 biodiesel bunkering to oil tankers as quarterly volumes triple  

Hong Kong bunker supplier CPN says Q2 B100 deliveries have exceeded Q1 totals by more than 300%.
TMD Energy Limited logo. TMD Energy extends bioenergy MOA with Double Corporate by two years  

Malaysian bunkering firm seeks to advance waste-to-energy marine fuel collaboration in EU and Asian markets.
Antwerpen vessel. Exmar takes delivery of world’s first dual-fuel ammonia oceangoing vessel  

Belgian shipowner Exmar has taken delivery of what it says is the first oceangoing vessel powered by a dual-fuel ammonia engine.
Seaglider vessel render. MOL and JAL partner with Lloyd’s Register and REGENT to advance Seaglider certification in Japan  

Four organisations join forces to establish regulatory pathways for electric wing-in-ground craft ahead of a targeted 2030 commercial launch.
Geoff Wagner and Byung-Hun Kwon. ABS and HD Hyundai entities secure battery hybrid approval for 16,000-teu container vessel  

Approval in principle issued for electrical design of ultra-large container ship at Posidonia.
Steel cutting ceremony of vessel with builder's hull no. H1955A. Keel laid for world’s largest LNG carrier at China’s Hudong-Zhonghua shipyard  

Construction begins on a 271,000-cbm QC-Max vessel, the largest LNG carrier ever built.
Mercedes Pinto vessel truck-to-ship (TTS) bunkering. Port of Las Palmas completes first LNG bunkering operation  

Baleària Canarias’ new fast ferry receives LNG via tanker truck in milestone delivery.

↑  Back to Top


 Recommended