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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.

Map of Strait of Hermuz. Three vessels struck by projectiles in Gulf waters  

UK Maritime Trade Operations Centre reports attacks on ships near Dubai and the Strait of Hormuz.
Photograph of the Aframax tanker Eagle Brasilia at sea. AET completes first bio-LNG trial on dual-fuel tanker  

Tanker operator tests renewable fuel ahead of FuelEU Maritime compliance requirements
Tangier Maersk vessel. Maersk introduces emergency bunker surcharge amid Middle East fuel crisis  

Shipping line cites Strait of Hormuz disruptions affecting 20% of global fuel supply.
World map with '15' overlaid text. ElbOil celebrates 15 years since founding  

Hamburg-based trader and broker has expanded its operation to six international offices since inception.
Cosco Shipping vessel with bunker tanker alongside. Hong Kong completes first green methanol SIMOPS bunkering operation  

Hong Kong Port Alliance delivers 200 tonnes of green methanol to dual-fuel container vessel.
Everllence 8L51/60DF engine. German ferry operator TT-Line cuts CO2 emissions with bio-LNG switch  

TT-Line reports emissions reduction after operating two Baltic Sea ferries on bio-LNG throughout 2025.
CMA CGM vessel with bunker delivery tanker alongside. CMA CGM vessel completes record biomethanol bunkering in Yangshan  

Delivery marks first time a vessel in its fleet has operated on biomethanol.
Photograph of tanker valves. Pres-Vac highlights tanker valve compliance requirements for alternative fuels  

Company outlines regulatory standards and performance criteria for pressure-vacuum relief devices on methanol and ammonia vessels.
Chicago Express vessel. Hapag-Lloyd introduces emergency fuel surcharge amid rising bunker prices  

Container line cites geopolitical circumstances for new charge effective late March 2026.
HD Hyundai and ABS joint development project ceremony for nuclear-powered electric propulsion systems. ABS and HD Hyundai partner on nuclear propulsion for container ships  

Classification society and South Korean shipbuilder to assess feasibility for 16,000-teu vessel.

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