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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.

Propeller Fuels logo. Propeller Fuels reviewing applicants for Singapore bunker trader position  

Bunker firm looking to hire trader to foster new business growth and sustain customer relationships.
Daisy Leader vessel. XFuel raises $20m Series A to scale low-carbon drop-in fuel production  

Maritime investors NYK Line and Stolt Ventures back waste-to-fuel technology targeting shipping decarbonisation.
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Fuelre4m's technology reduced fuel consumption in marine engines without modifications, according to an Athens university study.
Peninsula logo. Peninsula seeks bunker trader for Houston office  

Marine fuel supplier Peninsula is recruiting a bunker trader to be based in Texas.
Berge Meru vessel. Berge Bulk completes second rotor sail installation with Anemoi on Newcastlemax vessel  

Four folding rotor sails installed on Berge Meru following earlier deployment on Valemax vessel.
Skarv Shipping cargo vessel render. Wärtsilä to supply ammonia engine for Skarv Shipping newbuild in China  

Norwegian operator’s vessel will be the first newbuild to use Wärtsilä 25 Ammonia solution.
Maersk Trieste vessel. Bound4blue installs first wind propulsion sails on Maersk Tankers vessel  

Spanish firm fits four 24-metre eSAIL units on Maersk Trieste under 20-sail contract.
Chemship and Econowind signing ceremony. Chemship orders VentoFoils for two more chemical tankers after fuel savings of up to 15%  

Dutch operator returns to Econowind for wind propulsion systems on Chemical Contender and Chemical Fighter.
NOCC Adriatic vessel. CIMC Raffles delivers 7,000-car LNG-fuelled carrier 70 days ahead of schedule  

Norwegian Car Carriers takes delivery of dual-fuel PCTC NOCC Adriatic from Chinese shipyard.
Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0330005. Keel laid for 298,000-dwt LNG dual-fuel VLCC  

Construction begins on crude oil tanker for Andes Tankers I Inc.

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