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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.

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Finnish firm will explore ammonia’s role in maritime decarbonisation at its third spring webinar.
Front cover of study by WinGD and Envision Energy titled 'Renewable Fuel Economics: An OPEX illustration based on current costs'. Green ammonia could reach cost parity with VLSFO and LNG by 2050, study finds  

WinGD and Envision Energy study projects green ammonia operational costs competitive with conventional marine fuels.
Elenger Marine's LNG bunkering vessel Optimus alongside Brittany Ferries’ Saint-Malo. Bureau Veritas verifies methane emissions on Brittany Ferries’ LNG vessels  

Verification enables ferry operator to report measured methane slip instead of regulatory default values.
Map showing existing and planned Emission Control Areas (ECAs). Alliance calls for urgent black carbon action as new Arctic emission control areas take effect  

Canadian Arctic and Norwegian Sea ECAs now in force, with compliance deadline set for March 2027.
Artistic impression of battery-electric ferry for operation on Perth’s Swan River. Lloyd’s Register to class Western Australia’s first electric ferry fleet  

Echo Marine Group partners with Lloyd’s Register on five battery-electric ferries for Perth’s Swan River.
Thomas Kazakos, secretary general of The International Chamber of Shipping (ICS). ICS condemns Middle East shipping attacks as 20,000 seafarers remain trapped  

Industry body calls for urgent state action to resupply vessels and enable crew changes.
Molslinjen ferry illustration. Molslinjen order propels Australia to top of battery vessel production rankings  

Danish ferry operator’s three-catamaran order at Incat Tasmania shifts global manufacturing landscape, analysis shows.
Petrobras logo. Petrobras doubles invoiced price of MGO and LSMGO  

Export tax by Brazil's federal government forces Petrobras to double distillate invoice values.
Bunkering of Viking Line's Viking Glory by a Gasum vessel in Turku, Finland. Gasum renews FuelEU Maritime pooling partnerships with Viking Line and Wallenius SOL  

Nordic energy company extends compliance pooling arrangements with two shipping companies operating bio-LNG vessels.
Naming ceremony for CMA CGM Carmen on 18 March 2026. CMA CGM names methanol-powered container ship CMA CGM Carmen  

French shipping line christens 15,000-teu vessel as part of its alternative fuel fleet expansion.

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