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Thu 19 Apr 2018, 09:13 GMT

Bullish momentum sends oil prices above three-year high


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
The weekly oil inventory report from the Energy Information Administration (EIA) showed draws in crude, gasoline and distillates stocks. Crude oil stocks fell by 1 mio. Barrels, gasoline and distillates by 3 mio. Barrels respectively. Oil market reaction came immediately with Brent oil price increasing above $73. The increase continued to current level close to $74.

Also adding to the uptrend was comments from one of the world's largest oil producers, Saudi Arabia, stating that the country would be happy for oil prices in $80-100 level. This increases expectations of an extension of the current oil production cut deal beyond 2018.

In Nigeria, one of the largest oil producers in Africa, protests have sparked fears of increased unrest in the country.

Turning to economic data front, today sees UK retail sales data, EU Finance Ministers Meeting and Philly Fed Manufacturing Index for April.

Bunker vessel alongside a ship during fuel transfer. Nippon Biofuel secures METI funding for Africa-based marine biofuel supply chain  

Japanese company to establish Jatropha cultivation and biofuel production facilities in Mozambique and Ghana.
Everllence B&W 6G60ME-LGIA HPSCR engine. Everllence’s ammonia-fuelled engine passes factory acceptance test ahead of October delivery  

Engine built by HHI-EMD will power Eastern Pacific Shipping’s very large ammonia carriers.
LPC and Gram Marine launch operations in Cameroon graphic. LPC and Gram Marine launch marine lubricants hub in Cameroon  

Partnership will supply Cyclon and Avin Oil marine lubricants to vessels at West African ports.
Melchior Poszumski, Bunker One. Bunker One expands ULSFO 0.10% supply across northern Germany  

Supplier adds Weser River ports to network, including Bremerhaven, Bremen, Brake, and Nordenham.
Partnership signing between NYK Line, Golden Island and Yara Clean Ammonia. NYK Line, Golden Island and Yara Clean Ammonia sign term sheet for Singapore ammonia bunkering venture  

Three companies agree to explore marketing and supply of low-carbon ammonia fuel in Singapore.
International Maritime Organization (IMO) headquarters. IMO committee to discuss Net-Zero Framework and North-East Atlantic NOx ECA  

MEPC 84 to consider 57 documents submitted for consideration on the reduction of greenhouse gas emissions.
Constantinos Capetanakis, Star Bulk. Capetanakis: Bunker Buyers Working Group not a pricing forum  

Past Chair says aim of working group is to ensure the perspective of buyers is reflected in policy work.
Petronor and H2SITE agreement signing. Petronor and H2SITE to deploy membrane technology for hydrogen separation at Spanish refinery  

Partnership aims to integrate membrane reactor into steam methane reforming process to enhance efficiency.
Peninsula 30 Years graphic. Peninsula marks 30 years of marine fuel supply operations  

Bunker supplier's network now covers more than 50 physical supply ports and 21 commercial offices.
Kurotakisan Maru III vessel. MOL completes world’s first retrofit installation of Wind Challenger sail system on operating coal carrier  

Hard-sail propulsion system installed on Kurotakisan Maru III during service for J-Power coal transport operations.

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