Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Thu 17 May 2018, 07:23 GMT

Oil at three-and-a-half-year high on inventory deviations, geopolitical uncertainty


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) yesterday showed a larger-than-expected draw in crude and gasoline inventories and completely in the opposite direction of the weekly oil stocks data from the American Petroleum Institute (API), and this supported oil prices. Brent increased by $1 following the EIA release. Markets are increasingly focusing on potential shortage of supplies as global inventories are shrinking.

EIA crude oil inventories: -1.1404M barrels (-0.763M expected) API crude oil inventories: 4.854M barrels (-1.850M previous)

In its monthly oil market report, published yesterday, the International Energy Agency (IEA) lowered its global oil demand growth forecast for this year by 0.1 mio. barrels per day (bpd) to 99.2 mio. bpd. Supplies are currently 98 mio. bpd, but according to the IEA: "non-OPEC growth... will grow by 1.87 mio. bpd in 2018". The reason for the revision of demand growth could be the increasing oil prices, which could dampen consumption. According to the agency, global inventories have dropped below the 5-year average - which was a goal for the current oil production cut agreement - for the first time since 2014.

Turning to economic data, today's main potential market mover is the U.S. Philadelphia Fed Manufacturing Index along with a couple of Fed member speeches. Other than that, no major releases.

BP  
Launching ceremony of Maran Melina. New Times Shipbuilding launches two LNG dual-fuel crude oil tankers for Maran and Capital Ship  

Two 155,500-dwt LNG dual-fuel tankers floated out for Greek shipping groups.
Lem Azalea and Lem Plumeria naming ceremony. Naming ceremony held for Huangpu Wenchong's first methanol dual-fuel bulkers  

Two 65,000-tonne vessels built for Limassol-based Lemissoler Navigation.
TSS Challenger vessel. Damen launches second CSOV 9020 for TSSM, prepared for future methanol operation  

The vessel, to be named TSS Challenger, is due for delivery in early 2027.
Seaspan Energy team. Seaspan Energy completes 150th LNG bunkering operation  

Canadian LNG bunker supplier reaches milestone in under two years since launching ship-to-ship operations.
Burando Energies logo. Burando Energies claims 30% share of Rotterdam biofuel bunker market in H1 2026  

Dutch bunker supplier says regulatory framework makes Rotterdam the most cost-effective port for biofuel compliance in Europe.
BGN logo. BGN launches marine bunkering business on US Gulf Coast  

Shipping company BGN enters retail marine fuels supply, partnering with Centerline Logistics to serve the US Gulf Coast.
Barge at Euromax terminal. Rotterdam bunker volumes fall 25% in first half of 2026 amid regulatory pressures and market shifts  

Fossil fuel sales slump as alternative fuels grow, with RED III cited as a key driver.
Keel-laying ceremony of vessel with builder's hull no. S1124. Avenir LNG marks keel laying of newbuild LNG bunker vessel in China  

Ceremony held to signal the formal start of the vessel's construction at CIMC SOE.
World Fuel logo. World Fuel seeks operations support representative in Dubai for marine fuels role  

Company looking for detail-oriented person with strong organizational skills who is able to manage multiple priorities.
Monjasa office in Limassol. Monjasa moves to new Limassol office in regional 'commitment'  

Bunker firm relocates to third office since establishing a presence in Limassol a decade ago.

↑  Back to Top


 Recommended