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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.

Type Approval from RINA for Methanol Superstorage. SRC Group’s Methanol Superstorage has received RINA Type Approval  

Space-efficient fuel tank system has gained formal certification, enabling methanol adoption without sacrificing storage capacity.
AiP handover ceremony for methane oxidation catalyst system. MHI Marine Machinery and Mitsubishi Shipbuilding receive AiP for methane oxidation catalyst system  

ClassNK approves basic design of LNG engine exhaust treatment system achieving over 90% methane oxidation.
CMA CGM Esmeralda naming ceremony. CMA CGM names 15,000-teu methanol-powered container ship in Shanghai  

The CMA CGM Esmeralda has been deployed on the REX2 service.
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.

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