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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.

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Bunker One says tighter spread creates opportunities for shipping companies pursuing decarbonisation targets.
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Shipowner will explore safety measures and partnerships for new dual-fuel ammonia carriers.
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Marine insurer details operational challenges with biofuels, including FAME, CNSL and UCOME across member vessels.
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Webinar on 9 March will examine effects on crude oil, bunker and gas markets.
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GENA Solutions reports 325 tracked projects, though over 70 have been frozen in 20 months.
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Marine fuel seller emphasises reliability as geopolitical disruption reshapes global bunker markets.
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Industry body supports port security and decarbonisation measures while urging action on customs barriers.
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First of two 3,300 lane-metre vessels floated out for Faroese operator.

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