Wed 23 May 2018 08:06

Oil prices fall slightly back after weeks of increases


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
Brent oil price briefly touched $80 yesterday, but at the end of the day, fell slightly back.

The weekly oil stocks data from the American Petroleum Institute (API) showed a decline in U.S. crude oil stocks of 1.3 mio. barrels last night. Gasoline and distillates fell by 620,000 barrels, distillates 1 mio. barrels. Now this afternoon's oil inventory report from the Energy Information Administration (EIA) will be followed closely for confirmation or deviation of this trend. Consensus for today is actually also a decline of around 1.3 mio. barrels. Expect some volatility around the publishing (16.30 CET).

U.S. president on Monday issued further restrictions on Venezuela, prohibiting purchases of debt owed to the country - further adding to the economic difficulties of the debt-struck country. Though Venezuela has huge oil reserves, production has been dwindling for years as investments in the industry have been lagging. OPEC countries will meet next month to discuss the oil market and the current oil production cut deal. Potentially, the organization could raise output to offset the Venezuelan and - if sanctions are re-imposed - the Iranian oil.

The planned meeting between the U.S. and North Korea could be postponed or cancelled. According to Trump there is "substantial chance" it will not take place on 12 June in Singapore.

Turning to economic data, this morning saw the first in a string of Manufacturing PMIs, the German which disappointed slightly while the French improved. Eurozone PMI came out at 55.5 versys 56.2 previous. Later today, the U.S. Manufacturing PMI along with housing data is published.


Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.

Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.

The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.

Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.

Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.

Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.


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