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Tue 13 Mar 2018 12:27

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


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image: 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.

Product tanker Artizen, owned by Hong Lam Marine. Hong Lam Marine takes delivery of Artizen tanker in Japan  

Singapore-based firm receives new vessel from Kegoya Shipyard.
Birdseye view of containership. Panama Canal launches NetZero Slot to incentivize low-emission transits  

New reservation category prioritizes dual-fuel vessels capable of using alternative fuels from November.
Van Oord's Vox Apolonia. Van Oord deploys bio-LNG dredger for Dutch coastal project  

First bio-LNG powered trailing suction hopper dredger operation begins in the Netherlands.
Model testing for Green Handy methanol-powered vessel. Methanol-fuelled Green Handy ships pass model tests ahead of 2026 construction  

Baltic carrier reports model testing exceeded performance targets for 17,000 dwt methanol-powered vessels.
Miguel Hernandez and Olivier Icyk at AiP for FPSO. SBM Offshore's floating ammonia production design gets ABS approval  

Design converts offshore gas to ammonia while capturing CO2 for maritime and power sectors.
Philippe Berterottière and Matthieu de Tugny. GTT unveils cubic LNG fuel tank design for boxships with BV approval  

New GTT CUBIQ design claims to reduce construction time and boost cargo capacity.
Wilhelmshaven Express, Hapag-Lloyd. Hapag-Lloyd secures multi-year liquefied biomethane supply deal with Shell  

Agreement supports container line's decarbonisation strategy and net-zero fleet operations target by 2045.
Dual-fuel ship. Dual-fuel vessels will dominate next decade, says Columbia Group  

Ship manager predicts LNG-powered vessels will bridge gap until zero-carbon alternatives emerge.
Stril Poseidon vessel. VPS campaign claims 12,000 tonnes of CO2 savings across 300 vessels  

Three-month efficiency drive involved 12 shipping companies testing operational strategies through software platform.
Birdseye view of a ship. Gard warns of widespread cat fines surge in marine fuel  

Insurer reports elevated contamination levels, echoing VPS circular in early September.

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