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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.

Vessels at sea. Dual-fuel container ship and vehicle carrier fleet reaches 400 vessels  

World Shipping Council reports 83% increase in operational dual-fuel vessels during 2025.
Photograph of a blue cargo vessel. Lloyd’s Register publishes first guidance notes for onboard hydrogen generation systems  

Classification society addresses regulatory gap as shipowners explore producing hydrogen from alternative fuels onboard.
Erasmusbrug bridge in Rotterdam. Rotterdam bunker industry faces upheaval as new regulations drive up costs and shift volumes  

Red III compliance costs and a mass flow meter mandate are creating operational challenges across the ARA region.
Neil Chapman, VPS. VPS appoints Neil Chapman as managing director for the Americas  

Maritime services company names industry veteran to lead regional operations and client partnerships.
Oil refinery infrastructure. Maritime industry shifts towards LNG as alternative fuel enthusiasm stalls  

Geopolitical concerns drive shipping leaders to prioritise established fuels over newer alternatives, survey finds.
OceanScore logo. OceanScore reaches $5m annual recurring revenue as emissions compliance demand grows  

Hamburg-based firm supports compliance workflows for more than 2,500 vessels as regulations enter operational phases.
Jiangnan Shipyard LNG carrier construction contract signing. Jiangnan Shipyard secures order for four LNG carriers from Shell  

Chinese yard to build 175,000-cbm vessels for delivery between 2028 and 2029.
Varsha Sudheer, Island Oil. Island Oil appoints Varsha Sudheer as senior trader in Dubai  

Marine fuel supplier strengthens trading platform with new hire at recently established UAE hub.
Bitoil Group logo. Bitoil Group seeks bunker trader for Dubai operations  

Dubai-based company is recruiting for a senior bunker trader role to manage global fuel sales and procurement.
Hiring concept with puzzle pieces and a magnifying glass. Uni-Fuels seeks bunker traders for new London operation  

Singapore-headquartered firm advertises position as part of UK expansion.

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