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Thu 19 Apr 2018 09:13

Bullish momentum sends oil prices above three-year high


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image: 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.

Graphic announcing the release of the DNV Net-Zero Guidance Paper. DNV and WMMF release guide to help shipowners navigate path to net-zero  

Guide offers practical roadmap for decarbonisation amid evolving regulations and commercial pressures.
Aerial view of MSC container ship and Marine Ista vessel. Vitol launches Pakistan bunker operations with first large-scale IMO-compliant fuel production  

Supplier expands bunkering network to three Pakistani ports, sourced from locally produced VLSFO.
Port Director Ingvar M. Mathisen in front of Pelikan II vessel. Port of Oslo introduces fee structure rewarding zero-emission vessels  

Norwegian port offers quay fee exemptions and discounts for ships using shore power and green technology.
Coral Energy vessel. Gasum publishes daily price for FuelEU Maritime compliance units  

Nordic energy company aims to enhance transparency in the evolving regulation compliance market.
Lady Clara vessel alongside Till Benelux vessel. Bunker Suite completes E-BDN trial aboard Lady Clara in Rotterdam  

Digital platform provider conducts electronic bunker delivery note trial with partners.
Chane Terminal Nieuwe Maas in Rotterdam. Peninsula expands biofuel capabilities in Rotterdam  

Marine fuel supplier adds 30,000 cbm capacity, with plans to expand to 110,000 cbm in early 2026.
Northern Europe map with the Finnish flag placed over Finland. ScanOcean launches physical bunker supply operations in Finland  

Swedish supplier expands into Finland with MGO and renewable fuels offerings.
Singapore Port viewed from The Pinnacle@Duxton. Singapore marine fuel sales dip 1.2% in October  

First YoY decline since February as sales of best-selling product fall despite bunker calls rising to second-highest level in port's history.
Daria Sukhanova, PMG Energies. PMG Energies appoints Daria Sukhanova as bunker trader  

Marine fuel business adds trader with over five years of experience to its team.
CMA CGM Salamanque vessel alongside Edison's Ravenna Knutsen vessel. CMA CGM and Edison complete Italy's first STS LNG bunkering for a boxship  

Ship-to-ship operation marks the first time LNG has been delivered to a container vessel in the Adriatic.

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