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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.

Christian Vandvig Finnerup, Dan-Bunkering. Dan-Bunkering appoints Christian Vandvig Finnerup as US managing director  

Finnerup transitions from Singapore role to lead American operations.
Hai Gang Wei Lai vessel. SIPG orders Wärtsilä systems for new LNG bunker vessel  

Shanghai International Port Group orders integrated cargo handling and fuel systems from Wärtsilä.
Chris Seide, Integr8 Fuels and William Kanavan, Pentarch Offshore Solutions. Integr8 Fuels signs MOU with Pentarch for bunker services at Port of Edrom  

Integr8 Fuels and Pentarch Offshore Solutions have signed an agreement to develop bunker fuel services.
Eagle Vellore vessel. MISC orders two LNG dual-fuel Suezmax tankers as part of fleet renewal  

Malaysian shipowner expands dual-fuel fleet with newbuilds backed by long-term charters.
Eunice Low, Oilmar DMCC. Oilmar DMCC appoints Eunice Low as marine fuels trader in Singapore  

Low joins firm's Singapore trading department with a decade of industry experience.
HMM container ship. HD Hyundai secures $1.46bn order for eight LNG dual-fuel container ships  

South Korean shipbuilder reports highest container ship order volume since 2007 supercycle.
Arctic black carbon emissions urgency graphic. Clean Arctic Alliance urges IMO action on black carbon after 'disappointing' COP30  

Environmental coalition calls for Arctic shipping fuel regulations ahead of December 5 deadline.
Egypt's Ministry of Petroleum and Mineral Resources and Suez Canal Authority MOU Signing Ceremony. Egypt's petroleum ministry and Suez Canal Authority sign MOU for LNG bunkering facility  

Ministry and canal authority to develop LNG supply station in Port Said.
Legend of the Seas main engine startup. Meyer Turku starts first main engine on Legend of the Seas cruise ship  

Finnish shipbuilder fires up Wärtsilä engine ahead of 2025 Royal Caribbean delivery.
Malik Energy Leadership Development Programme group photo. Malik Energy launches internal leadership development programme  

Marine fuel supplier rolls out training initiative for managers across its supply and energy divisions.

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