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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.

UEC60LSJ ammonia-fuelled engine render. J-ENG secures orders for four ammonia-fuelled engines under Japanese PCTC project  

Vessels form part of plan to build four ammonia-fuelled car carriers, a dedicated bunkering vessel and supply chain.
Hanwha Power receives ABS AiP for battery-powered containership design. ABS grants AIP to Hanwha Power for 1,700-TEU battery-powered container ship  

Design uses roughly 151 MWh of swappable battery storage for fully electric propulsion on a container vessel.
Peter Krahenbuhl, WinGD. WinGD signs first licence deal with HD Hyundai Marine Engine to expand Korean production  

Mid-bore engine portfolio gains new production route into Korea's bulk carrier and tanker newbuild markets.
ONE Symphony naming ceremony. Ocean Network Express names ammonia- and methanol-ready newbuild ONE Symphony  

Vessel features conventional diesel main engine, with concept designs approved for possible future conversion to methanol or ammonia.
Sing Fuels logo. Sing Fuels seeks Asia-based supply trader to bolster bunker procurement team  

Singapore bunkering firm is recruiting a supply trader to manage marine fuel purchasing across Asia.
MOL joint naming ceremony. MOL names world's first ammonia-fuelled Capesize bulk carriers  

Naming of Ruri Mirai, Ruri Sekai and Ruri Hikari signals ammonia's arrival as a marine fuel for large bulk carriers.
Washington State Hybrid-Electric 160-Auto Ferry vessel render. ABB wins Washington State Ferries' third hybrid-electric vessel order  

ABB extends its role in the US ferry operator's electrification programme, which targets emission-free operations by 2050.
Aurora Borealis vessel. Kawasaki Heavy Industries delivers LPG-fuelled carrier Aurora Borealis  

Ship could also be modified in future to allow for ammonia-fuelled operation.
Rendering of Estonia's first shore-charged electric ferry. Estonian State Fleet's shore-charged electric ferry completes model testing in Germany  

Hull and propulsion tests show the vessel's energy consumption remains within contracted limits with room to spare.
Kypros Island vessel. Tsuneishi delivers first methanol dual-fuel Kamsarmax bulk carrier from Chinese yard  

Shipbuilder claims progress towards establishing a mass-production system for vessels designed to reduce environmental impact.

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