Mon 16 Apr 2018 09:22

Brent oil price remains around $71-72 on mixed news


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
In the U.S., fundamentals are becoming more bearish as production and number of rigs reach record highs. Last week, the U.S. production reportedly reached 10.525 mbpd, which is the highest level ever and more than 1 mbpd more compared to the start of the year.

Furthermore, the number of rigs drilling for oil is at the highest level in 3 years at 815. But the difference from then is that the current rigs are much more productive.

News from the Louisiana Offshore Oil Port, LOOP, is that they plan on beginning to export US crude oil by VLCC's on commercial basis from Q4 2018. If they are able to, the U.S. is closer to becoming a net exporter of crude oil in the future.

Over the weekend, a US-led missile strike on 3 targets in Syria was conducted on top of an alleged chemical attack earlier this month. An attack such as this is not considered being able to consistently shock the oil market as Syria has not been exporting barrels for several years now. The real concern for shocks to the oil market should arise if the US were to re-impose sanctions on Iran and Russia.

Turning to economic data, today sees U.S. Retail Sales data along with a couple of central bank speeches. Later this week, Chinese GDP and industrial production is published. . .


The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.

Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.

Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.

The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.

The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.

Carsten Ladekjær, CEO of Glander International Bunkering. Glander International Bunkering reports stable performance amid regulatory changes  

Bunker trader achieves $3bn turnover and $22m pre-tax earnings for fiscal 2024-25.

Map of the Mediterranean Sea ULSFO demand surges in Med as ECA compliance drives fuel shift  

KPI OceanConnect reports accelerating ULSFO uptake across the region.

The Zale performing a bunker delivery. Monjasa reports Singapore as top bunker supply port with over 1 MMT delivered  

Supplier says world's largest bunkering hub became its biggest supply location in 2024.

Steel cutting ceremony for the 7,999 DWT chemical bunker tanker Lucia Cosulich at Taizhou Maple Leaf Shipbuilding Co., Ltd. in China. Fratelli Cosulich begins construction of second methanol-ready bunker tanker  

Italian firm starts steel cutting for 7,999 DWT chemical bunker vessel.

Petrobras logo. Petrobras introduces volume-based price discounts at Santos  

Brazilian oil company offers progressive discounts for bunker deliveries exceeding 1,500 tonnes.


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