Fri 16 Mar 2018 10:15

Oil up slightly, but remains in tight trading range


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
Oil prices are slightly up, but remains in tight trading range as mixed news continues to emerge.

Over the week, both OPEC and IEA monthly reports foresee increased oil supply, but also increased demand for oil. The International Energy Agency (IEA) in its monthly report, published yesterday, stated that February global oil supply increased by 700,000 barrels per day compared to same time last year to 97.9 mio. barrels per day. In addition, global oil inventories rose to 7-month high in January. This despite OPEC and a row of non-OPEC oil producers' attempt to curb oil production in a production cut agreement which was implemented from January last year and remains in force till at least June this year where the parties meet again.

The IEA report, however, also foresees a market re-balancing which is "clearly moving ahead" as demand/supply balance is aligning.

Venezuela's crude exports to U.S. fell to 15-year low last month. Production in the country continues to decline and fell almost 10% in February.

Tonight, the weekly oil rig count from Baker Hughes is published; last week saw a decline in the number of active oil rigs in the U.S. of 4 to 796, so the data could spur some market volatility.

Turning to economic data, U.S. industrial production along with Eurozone Q4 wage growth are coming up today. Next week, the Fed will meet and market will look for clues of a soon-to-come (or not?) interest rate hike. Never a dull week in the oil and financial markets!


Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.

Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.

The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.

Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.

Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.

Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.


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