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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.

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The reopened facility will supply LNG and bio-LNG to dual-fuel vessels operating in Norwegian waters.
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Kikou Maru becomes first coastal vessel to secure financing under DBJ-ClassNK decarbonisation initiative.
TFG Marine participates in ARACON 2025 conference in Rotterdam. TFG Marine calls for ISO 22192 alignment in ARA MFM rollout  

Company urges consistency as Rotterdam and Antwerp prepare mass flow meter implementation.
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Bunker supplier extends banking arrangement with eight-bank syndicate, including accordion option.
Elenger Marine's LNG bunkering vessel Optimus alongside Brittany Ferries’ Saint-Malo. Titan delivers first liquefied biomethane to Saint-Malo ferry in Portsmouth  

Optimus tanker supplies Brittany Ferries' vessel with biomethane at UK port.
MOL participates in Ammonia Energy Association Annual Conference 2025. MOL outlines ammonia fuel strategy at Houston conference  

Japanese shipping company discusses terminal acquisition and dual-fuel vessel plans at industry gathering.
Gasum's LNG bunkering vessel Coralius. Gasum highlights how bio-LNG fleet generates compliance surplus  

Energy firm's four gas-powered vessels generate regulatory surplus for pooling service participants.
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Danish marine fuel supplier wins one-year framework deal with two-year extension option.
Lucia Cosulich keel-laying ceremony. Fratelli Cosulich lays keel for second methanol-ready bunker vessel  

Ceremony held to mark the beginning of the tanker's assembly phase.
GEFO's chemical tanker Gioconda. GEFO bunkers biofuel for first time as Gioconda runs on B100 UCOME  

German shipping company takes maiden step into biofuel bunkering with used cooking oil biodiesel.

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