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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.

Photograph of a blue cargo vessel. LNG-fuelled ships account for 79% of alternative fuel orders in 2025, SEA-LNG reports  

Industry coalition highlights decade of progress and over $150bn investment in methane-based marine fuels.
Vessels at sea. Maritime piracy incidents rise 18% in 2025, Singapore Straits accounts for majority  

ICC International Maritime Bureau reports 137 incidents globally, with violence against crew continuing.
Falstria Swan vessel. Biodiesel cuts black carbon emissions by up to 81% in shipping trial  

Project CLEANSHIP submits real-world sailing data to IMO showing biodiesel's climate benefits for shipping.
Bow Leopard vessel. Petrobras signs renewable bunker fuel deal with Odfjell for Brazil-Norway green corridor  

Brazilian state oil company to supply up to 12,000 tonnes of B24 blend in 2026.
Singapore waterfront skyline. Singapore ammonia ship-to-ship bunkering deemed feasible with safety measures, says GCMD  

New report identifies operational risks and safety zones for ammonia transfers in Singapore's port waters.
LNG carrier render. Jiangnan Shipyard secures orders for 16 vessels across three deals in January  

Chinese yard signs contracts for ammonia carriers, LNG carriers, and container ships with EPS and Cosco.
Paras Rastogi, Flex Commodities. Flex Commodities hires Paras Rastogi as marine fuels trader  

Dubai-based trader adds bunker specialist with experience in trading, operations, and international markets.
Methanol dual-fuel webinar graphic. Maritime Technologies Forum to host webinar on methanol dual-fuel ship inspection guidelines  

MTF webinar on 5 February will present recommendations from recently published safety inspection report.
Steel cutting ceremony of a 298,000-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0330006. Steel cutting begins on 298,000-dwt LNG dual-fuel VLCC  

Chinese yard commences construction on sixth vessel in series for Andes Tankers II with DNV class oversight.
Rapide 3000-Z2 pushboat design render. Robert Allan completes pushboat design for Hermasa with biodiesel capability  

RApide 3000-Z2 vessels designed for Amazon grain transport with B100 biodiesel fuel option.

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