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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.

DNV and the Singapore Institute of Technology (SIT) signing. DNV and Singapore Institute of Technology partner on remote vessel operations research  

Agreement focuses on shore-based control centres for bunker vessels and autonomous maritime capabilities.
Grande Inghilterra naming ceremony. Grimaldi takes delivery of eleventh ammonia-ready car carrier  

Grande Inghilterra features solar panels, lithium batteries and cold ironing capability.
Launching ceremony of Bisan Maru vessel. Japanese tugboat to feature biofuel blender and ultrasonic anti-fouling system  

Seagate Corporation’s Bisan Maru is the first Japanese tugboat to feature both environmental technologies.
Hercules Elisabeth vessel. Hercules Tanker Management deploys second Ultra-Spec vessel to the Mediterranean  

HTM Elisabeth arrived in Gibraltar carrying biofuel cargo from Thailand bound for Barcelona operations.
Carrier deck view. Wärtsilä to supply ammonia fuel systems for Navigator Gas and Amon Maritime carriers  

Finnish technology group wins contract for cargo handling systems on two dual-fuel ammonia vessels.
Svitzer Balder vessel. Battery-methanol harbour tug completes sea trials ahead of Gothenburg deployment  

Svitzer Balder is claimed to be the most powerful electric escort tug in the world.
Launching ceremony of Nave Orbit vessel. Changhong International launches fourth LR2 tanker for Navios  

Chinese shipbuilder floats 115,000-tonne LR2/Aframax product tanker with methanol and LNG conversion capability.
Nippon Yuka Kogyo logo. Nippon Yuka Kogyo launches lubrication oil analysis service for ammonia-fuelled engines  

Japanese company offers condition monitoring service to support adoption of ammonia as a marine fuel.
Steel cutting ceremony of vessel with builder's hull no. S1128. CIMC Pacific Offshore Engineering advances two 20,000-cbm LNG bunkering vessel projects  

Two sister vessels for Singapore and Luxembourg owners reach construction milestones in China.
MPA and SSA logo side by side. Singapore maritime sector to accelerate AI adoption under new partnership  

MPA and SSA sign MOU to support AI implementation across shipping operations and bunkering.

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