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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.

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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