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Tue 13 Mar 2018, 12:27 GMT

Oil dropped slightly yesterday, but continues to trade in tight range


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
Tonight, the weekly oil stocks data from the American Petroleum Institute (API) will be followed closely for hints of U.S. oil inventory growth/decrease ahead of another inventory report from the Energy Information Administration (EIA) on Wednesday.

The EIA yesterday in its monthly productivity report said that it expects U.S. crude oil production to continue the increase next month, climbing by 131,000 barrels per day for the 7 largest oil plays.

In Libya, a strike at an oil port that exports crude from the huge El Sharara oil field delays loading. Allegedly, negotiations for a solution are ongoing. The strike comes after two large oil fields went offline earlier this month due to pipeline disruptions. Oil production in the country remains fragile.

Turning to economic data, today sees U.S. inflation numbers, the commencement of EU Finance Ministers meeting and overnight, Chinese Industrial Production data and Japan Monetary Policy Meeting Minutes.

A Maersk vessel, pictured from above. Maersk and Hapag-Lloyd suspend Strait of Hormuz transits amid Middle East security crisis  

Container carriers reroute services around the Cape of Good Hope as military conflict escalates.
Map of Middle East. Operations continue as normal at most Middle East ports  

Most facilities operating normally, with exceptions in Oman and Saudi Arabia.
Photograph of the 93,000-cbm very large ammonia carrier (VLAC) Gaz Ronin. Naftomar takes delivery of 93,000-cbm dual-fuel ammonia carrier  

Gaz Ronin features a MAN dual-fuel engine with high-pressure selective catalytic reduction technology.
Aurora Botnia leaving harbor. AYK Energy completes world’s largest marine battery retrofit on Wasaline ferry  

Aurora Botnia receives 10.4 MWh battery system, bringing total capacity to 12.6 MWh.
Steel cutting ceremony for an LNG dual-fuel 307,000-tonne crude oil tanker with builder's hull no. 113. Dalian Shipbuilding begins construction on LNG dual-fuel crude tanker  

Development is one of a number of milestones reported by parent company over the past few days.
Photograph of Sallaum Lines' Ocean Breeze vessel with 'Introducing The Blue Corridor' overlaid text. Sallaum Lines launches Blue Corridor sustainability initiative for Europe–Africa ro-ro trade  

Company deploys LNG-capable vessels with AI routing and eco-speed protocols on new green shipping corridor.
The platform supply vessel Viking Energy. Eidesvik Offshore signs yard contract for ammonia retrofit of PSV Viking Energy  

Halsnøy Dokk to convert platform supply vessel as part of EU-backed Apollo project.
Vanquish tanker alongside Jette Theresa oil/chemical tanker docked at terminal. North Sea Port completes risk analysis for alternative fuel bunkering operations  

Port authority says LNG, hydrogen, methanol and ammonia can be safely refuelled across its facilities.
Container ship near a port. Ammonia emerges as most feasible alternative fuel for deep-sea shipping in 2050 emissions study  

Research combining expert survey and technical analysis ranks ammonia ahead of hydrogen and methanol.
Cargo vessel at sea. EMSA study examines biodiesel blend spill response as shipping adopts alternative fuels  

Research addresses knowledge gaps on biodiesel-conventional fuel blends as marine pollutants and response measures.

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