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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.

Jeroen De Vos, Peninsula. Peninsula lauds appointment of Jeroen De Vos as IBIA vice chair  

De Vos has served on the bunker industry association’s board of directors since 2023.
Anemoi and CHI framework agreement signing. Anemoi and Cosco Shipping Heavy Industry renew rotor sail framework agreement  

Expanded partnership offers turnkey wind propulsion installation services across CHI’s Chinese shipyard network.
Maersk vessel render. Maersk orders eight 18,600-teu dual-fuel vessels for 2029-2030 delivery  

A.P. Moller-Maersk signs shipbuilding agreement with New Times Shipbuilding in China.
Yara Eyde vessel render. Oslo Port launches weekly container service ahead of ammonia-powered vessel deployment  

North Sea Container Line starts route with conventional ship before introducing Yara Eyde later in 2026.
Officials during a ribbon-cutting ceremony at Stena Line. Stena Line completes acquisition of Wasaline ferry operator  

Swedish ferry company takes over Umeå–Vaasa route operator, adding biogas-powered vessel to its network.
Attendees during a Maritime CleanTech seminar in Bergen. Ammonia bunkering moves from pilots to structured implementation, Norway seminar hears  

H2SITE says Norway is advancing with Enova-backed initiatives, and the first dedicated bunkering vessels are expected from 2027.
Aerial photograph of Zhoushan Island. China approves Zhoushan Port FTZ expansion to boost commodity trading  

Expansion adds 0.98 sq km, bringing total zone area to 6.12 sq km.
Graphic with photographs of IBIA's four elected board members for 2026. IBIA elects four board members for three-year terms  

Beumer, Campanella, Chung and Draffin join the board from 1 April 2026.
Iceberg floating in Arctic waters. IMO members urged to back mandatory Arctic fuel standards to cut black carbon emissions  

Clean Arctic Alliance calls for polar fuel measure requiring cleaner fuels in Arctic waters.
AET’s hybrid electric vessel render. AET adds hybrid-electric shuttle tanker to fleet with dual-fuel capability  

Tanker operator brings first hybrid-electric DPST into service on long-term charter with lower-emissions technology.

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