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.

Aerial view of container vessel at sea. Seaspan and Technolog unveil LNG feeder design with four-week ammonia conversion pathway  

Lloyd’s Register grants approval for a 3,370 TEU vessel concept designed for swift transition to zero-carbon fuel.
David Foo, MPA. Singapore’s MPA backs LNG as part of multi-fuel strategy for shipping decarbonisation  

Authority emphasises regulatory frameworks and workforce development as sector navigates geopolitical uncertainty and energy transition.
ABS and PIL sign MoU. ABS and PIL partner on book-and-claim emissions verification  

Classification society to verify fuel consumption and emissions data for shipping line’s alternative fuel claims.
Biofuel bunkering at Port of Açu. Vast completes first biofuel bunkering of tugboat at Brazil’s Port of Açu  

Be8’s BeVant biofuel claims up to 99% CO₂ reduction versus conventional marine diesel.
China’s Da Qing 268 vessel. Ningbo-Zhoushan Port completes first ship-to-ship green methanol bunkering  

Zhejiang province port facility delivered 503 tonnes of methanol to a container ship in one hour.
Ole Sloth Hansen and Arne Lohmann Rasmussen. KPI OceanConnect launches podcast series on bunker markets and geopolitical risk  

Marine fuel supplier debuts audio series examining commodity markets, trade route disruptions and Middle East tensions.
Auramarine biofuels webinar. Auramarine to host webinar on biofuels as a marine decarbonisation solution  

Finnish firm's May event will explore current biofuel options and integration strategies for vessels.
Thomas Bondesen, Christian Ramsdal and Jeanette Rathje, Malik Group. Malik adds bunker trader, technology head and canteen worker  

Danish marine fuels group expands team with three appointments across commercial, technical and operational functions.
Marine Money 2026 forum. AET outlines multi-fuel decarbonisation strategy at Marine Money 2026  

Tanker operator highlights innovative commercial arrangements with charterers to share decarbonisation risks and rewards.
Titan Optimus alongside Peony Leader vessel. Titan Clean Fuels completes first FuelEU Maritime pooling exercise with DNV verification  

Pool included several hundred vessels, with LNG and biomethane helping balance compliance deficits.

↑  Back to Top


 Recommended