Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 18 Apr 2018, 09:10 GMT

Brent holds steady above $71


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
Yesterday, the American Petroleum Institute (API) reported that U.S. crude oil inventories fell 1.05 mbbl, gasoline inventories fell 2.47 mbbl and distillates fell 0.85 mbbl. The crude inventories in Cushing, Oklahoma, which is an oil hub in an area with very high production, were reported to have fallen as well by about 1 mbbl. It would be the first draw since early March, and If the Energy Information Administration (EIA) confirms these draws later today, demand last week has been fairly strong concluding that oil fundamentals likely explained part of last week's price rally.

On Friday, the Joint Ministerial Monitoring Committee (JMMC), which is an entity designed along with the OPEC+ production cut agreement to monitor the compliance rates to the agreement, will meet in Jeddah. The official OPEC meeting is in June in Vienna, but already the agenda of that meeting has started to leak; Kuwait oil minister said that an extension of the deal into 2019 was to be discussed.

As further information about the agenda on the official OPEC meeting in June could be leaked around the JMMC meeting on Friday, additional volatility is expected during the week.

For now the next event to look out for is the EIA inventory stats later today.

Flex Commodities logo. Flex Commodities seeks operator for bunker trading operations  

Candidates should have three to five years of relevant bunker or commodity trading operations experience
Glander International Bunkering logo. Glander International Bunkering seeks bunker trader for Valencia office  

Role open to sales professionals regardless of prior oil industry experience.
Frankie Russ vessel. TB Marine takes over technical management of methanol-ready tanker  

Newbuild MT Frankie Russ is first tanker in Ernst Russ's fleet.
AiP award ceremony for ecoAPEX cargo-handling technology. Lloyd’s Register grants approval in principle to Babcock LGE’s ecoAPEX cargo-handling technology  

New integrated system for gas carriers targets lower emissions and reduced reliquefaction energy consumption, with LR approval confirming its potential.
Lloyd's Register (LR) and K Shipbuilding MoU signing. K Shipbuilding and Lloyd’s Register to jointly develop ethanol-fuelled tanker design  

The pair will assess an ethanol-fuelled 50,000 dwt MR tanker, targeting Approval in Principle from LR.
AiP award ceremony for methanol-fuelled catamaran concept. Bureau Veritas grants approval in principle for methanol-fuelled catamaran concept  

Classification society backs O.S. Energy and Chartwell Marine’s fuel-system design for an aluminium vessel developed under a UK decarbonisation programme.
LNG carrier render. Wind propulsion offers 'no fundamental barriers' for LNG carriers, study finds  

Bound4blue’s research with Cryosafe Services concludes that wind-assisted propulsion can be integrated into LNG carrier operations without major obstacles.
Bureau Veritas grants AiP to Hudong-Zhonghua. Bureau Veritas grants AiP to Hudong-Zhonghua for new LNG carrier and VLGC designs  

Classification society approves two gas carrier designs featuring next-generation containment systems and dual-fuel propulsion capabilities.
Guanabara Bay FSRU. Petrobras signs 20-year LNG supply deal with Sempra Infrastructure  

Brazilian state oil company will purchase 0.8 mtpa of LNG from a Texas liquefaction terminal for two decades.
Launching ceremony of Amor. LNG dual-fuel crude oil tankers launched for Maran and Capital Ship  

Two 155,500-DWT vessels launched by New Times Shipbuilding in China.

↑  Back to Top


 Recommended