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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.

United LNG I bunker vessel alongside Blue Aspire vessel. Titan charters 8,000-cbm LNG bunker vessel for ZARA region operations  

United LNG I to deliver LNG and bio-LNG across Amsterdam, Rotterdam, Antwerp and Zeebrugge ports.
Flag of Mauritania. Peninsula begins physical bunker supply operations in Mauritania  

Marine fuel supplier operating two barges following licence award from the Mauritanian National Hydrocarbons Commission.
X-Press Cassiopeia vessel. PuriFire Energy signs biomethanol supply deal with X-Press Feeders  

Letter of intent covers up to 15,000 tonnes annually for feeder carrier’s fleet.
Alan Yang and Yujin Kang, Flex Commodities. FLEX Commodities opens Seoul office with new Korea leadership team  

Dubai-based trader establishes South Korea presence with appointments of Alan Yang and Yujin Kang.
Eng. Sulaiman Ali Al Hadhrami, O Bunkering. O Bunkering appoints Sulaiman Alhadhrami as chief executive officer  

Omani bunker supplier names new CEO to lead growth and expansion in the maritime sector.
Shore power system. Zhoushan expands shore power infrastructure as part of emissions reduction drive  

Chinese port city reports 30% increase in shore power usage across terminals and berths.
Hamburg Express vessel. Hapag-Lloyd and Kuehne+Nagel partner on biofuel initiative for Asia-Europe trade  

Agreement covers 3,300-teu using waste-based biofuels, targeting a 2,979-tonne CO₂e reduction in 2026.
Rendering of a tug vessel. Berg Propulsion to supply electric propulsion systems for India’s green tugs  

Swedish firm to provide thrusters and electrical integration for two 60-tonne bollard pull battery-electric vessels.
Singapore skyline with Merlion and central business district. World Fuel seeks marine fuel supply executive in Singapore  

Role to manage supplier relationships and source marine fuel across South-East Asia and Australia-New Zealand.
OOCL Wisdom naming ceremony. OOCL names first methanol dual-fuel vessel  

Orient Overseas Container Line christens OOCL Wisdom, dubbed the world’s largest methanol dual-fuel container vessel.

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