Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
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.

Uni-Fuels Logo. Uni-Fuels advertises for senior bunker trader in Dubai  

Nasdaq-listed firm recruiting for its trading team as it aims to drive growth.
Mineral Europa vessel. Green ammonia bunkered to ammonia-powered bulk carrier in Australian first  

Pilbara Ports, Fortescue and CMB.Tech complete a ship-to-ship ammonia transfer at Port Hedland, supporting plans for a clean fuel bunkering hub in the region.
Sea Change II vessel render. US Coast Guard agrees design framework for hydrogen-fuelled New York ferry  

Switch Maritime and Incat Crowther reach regulatory agreement for a 150-passenger hydrogen fuel cell-electric fast ferry intended for New York's waterways.
Auto Advance vessel. UECC fits WE Tech hybrid power systems on newbuild ro-ro vessels  

Norwegian short-sea operator says battery and shaft generator technology from WE Tech Solutions has cut fuel use and auxiliary engine reliance on three newbuilds.
Terra Clove vessel. Envision's green ammonia used to bunker world's first VLAC  

Chinese energy group supplies vessel owned by Eastern Pacific Shipping as it links production and marine fuel supply chains.
Asia Energy vessel. Wärtsilä converts LNG carrier engines to cut methane slip for Chevron  

Three Chevron-operated LNG carriers have each had one engine converted from dual-fuel to spark gas operation to reduce methane emissions.
Tokyo skyline. Cosulich Marine Energy opens Tokyo office to deepen Japanese market ties  

Fratelli Cosulich's bunker trading arm expands into Japan, building on its 2025 South Korea entry.
TotalEnergies sign outside an office building. TotalEnergies secures five-year LNG supply deal with ADNOC Gas  

Agreement will see ADNOC Gas deliver up to 1.6 million tonnes of LNG to TotalEnergies, with first deliveries expected this year.
Shell flag. Shell seeks senior fuel oil trader to expand Singapore paper trading desk  

Shell is hiring a senior fuel oil trader in Singapore to build proprietary HSFO strategies and expand bunker market relationships.
Frisian Sea vessel. Econowind seeks area sales manager to expand wind-propulsion reach  

Dutch wind-assisted propulsion specialist is recruiting an area sales manager to grow its market presence across a designated geographic region.

↑  Back to Top


 Recommended