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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.

Maritime and Port Authority of Singapore logo. Singapore opens applications for additional LNG bunkering licences  

Maritime and Port Authority sets 27 March deadline for operators seeking new supply permits.
A cargo port in Singapore. Singapore reports record marine fuel sales and container throughput in 2025  

Port of Singapore handled 56.77 million tonnes of marine fuel, up 3.4% year-on-year.
Grande Manila naming ceremony. Grimaldi takes delivery of seventh ammonia-ready car carrier Grande Manila  

The 9,241-ceu vessel was delivered in Shanghai and begins Asia–Europe service this week.
Barcelona Maersk naming ceremony. Maersk takes delivery of final 17,480-teu dual-fuel containership  

Barcelona Maersk completes six-vessel class built with HD Hyundai Heavy Industries in South Korea.
Container terminal with stacked containers. Ports face 2030 deadline for shore power as only 20% of EU connections installed  

TT Club warns European ports lag behind on onshore power supply infrastructure ahead of mandatory 2030 regulations.
Viking Cinderella vessel. Viking Line reports cargo record and tenfold biogas increase in 2025  

Baltic Sea ferry operator transported 139,484 cargo units while reducing greenhouse gas emissions by 60,000 tonnes.
Hartman Seatrade vessel render. Hartman Seatrade orders Wärtsilä 31 engine for new heavy lift vessel  

Dutch operator selects fuel-efficient engine and propulsion package for 3,800-dwt newbuild at Rock Shipbuilding.
Sustainable sign. Superalfuel workshop to examine safety and sustainability of alternative marine fuels  

Event in Montenegro will focus on hydrogen, ammonia, and methanol deployment in port areas.
Uniper and AM Green agreement signing. Uniper signs deal for up to 500 kt/yr of renewable ammonia from AM Green  

Agreement marks first long-term RFNBO-certified renewable ammonia offtake deal for an Indian company.
Panama Canal Authority and Monjasa partnership signing. Panama Canal Authority and Monjasa sign five-year cooperation agreement  

Partnership to fund community projects in Panama Canal Watershed focused on environment and education.

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