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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.

Graphic of TFG Marine bunkering operations expansion in the Strait of Gibraltar. Vilma Oil Med expands Ceuta bunkering operations with biofuel capability  

TFG Marine subsidiary increases storage to 120,000 cbm and adds IMO II chemical tanker.
Acta Pegasus vessel. Acta Marine takes delivery of methanol-ready offshore wind vessel Acta Pegasus  

Vessel features dual-fuel engines and battery storage for French offshore wind operations.
IBIA board elections 2026 IBIA opens voting for board elections with 11 candidates competing for four positions  

Members have until 5 February to vote, with results to be announced at AGM.
ABB and RSP contract signing. Rotterdam Shore Power selects ABB for world's largest shore power project  

ABB to engineer shore power systems with over 100MVA capacity at Europe's largest port.
Michael Cammarata, managing director of Glander International Bunkering's Florida office. Michael Cammarata appointed managing director of Glander International Bunkering's Florida office  

Cammarata succeeds Larry Messina, who will step down after 34 years in the role.
Steel cutting ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0315848. Steel cutting begins on LNG dual-fuel Aframax tanker  

Chinese yard cuts steel for 155,500-dwt crude carrier.
BV and CMDT cybersecurity agreement signing ceremony. Bureau Veritas and CMHI sign agreements to advance green and smart shipping solutions  

Classification society and Chinese shipbuilder strengthen partnership with cybersecurity and alternative fuel certifications.
Steel cutting ceremony of a 8400-teu LNG dual-fuel container vessel with builder's hull no. 0208111. Steel cutting begins on 8,400-teu LNG dual-fuel container vessel  

Chinese yard commences construction on LNG-powered container ship with Lloyd's Register oversight.
Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0315871. Keel laid for LNG dual-fuel crude oil tanker in China  

Ceremony held on 23 December for LNG-capable tanker under Lloyd’s Register class.
Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder’s hull no. 0315844. Keel laid for 155,500-dwt LNG dual-fuel crude oil tanker  

Chinese shipyard begins construction on Suezmax tanker, with Maran and ABS staff in attendance.

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