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Mon 28 May 2018, 06:54 GMT

Oil prices continue the downtrend on oil rigs, potential production cut exit


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
Friday's weekly oil rig count from Baker Hughes showed an addition in the number of active rigs in the U.S. of 15. The last 7 of 8 weeks have shown increases and currently 859 rigs are pumping crude oil, which is around a 3-year high and U.S. crude oil production is bursting.

More comments over the weekend from the world's top oil producers increase expectations of a soon-to-come exit from the current oil production cut deal between OPEC and a row of non-OPEC countries. One option is to return to the levels prior to the deal which took effect in January 2017, according to Russia's energy minister.

A summit between North Korea and the U.S. is back on the table, a U.S. team is currently in North Korea to prepare a potential meeting next month.

Political turmoil in Italy affects euro currency as elections could be on the way in the debt-struck country.

Today is a holiday in both U.S. (Memorial Day) and UK (Spring Bank Holiday) which could mean smaller trading volumes which again could cause some additional price volatility. No major economic numbers are up today,

Michael Cammarata, managing director of Glander International Bunkering's Florida office. Michael Cammarata appointed managing director of Glander International Bunkering's Florida office  

Cammarata succeeds Larry Messina, who will step down after 34 years in the role.
Steel cutting ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0315848. Steel cutting begins on LNG dual-fuel Aframax tanker  

Chinese yard cuts steel for 155,500-dwt crude carrier.
BV and CMDT cybersecurity agreement signing ceremony. Bureau Veritas and CMHI sign agreements to advance green and smart shipping solutions  

Classification society and Chinese shipbuilder strengthen partnership with cybersecurity and alternative fuel certifications.
Steel cutting ceremony of a 8400-teu LNG dual-fuel container vessel with builder's hull no. 0208111. Steel cutting begins on 8,400-teu LNG dual-fuel container vessel  

Chinese yard commences construction on LNG-powered container ship with Lloyd's Register oversight.
Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0315871. Keel laid for LNG dual-fuel crude oil tanker in China  

Ceremony held on 23 December for LNG-capable tanker under Lloyd’s Register class.
Keel-laying ceremony of a 155,500-dwt LNG dual-fuel crude oil tanker with builder’s hull no. 0315844. Keel laid for 155,500-dwt LNG dual-fuel crude oil tanker  

Chinese shipyard begins construction on Suezmax tanker, with Maran and ABS staff in attendance.
Steel cutting ceremony for CMA CGM’s 8,400-teu LNG dual-fuel container vessel. New Times Shipbuilding begins steel cutting on 8,400-teu LNG dual-fuel boxship  

Chinese shipyard begins construction on vessel for CMA CGM with Lloyd's Register classification oversight.
ISCC Logo. Golden Island secures ISCC EU certification for sustainable marine fuel trading  

Singapore-based firm can now supply B100 biodiesel and green methanol with verified sustainability proofs.
Palace of Westminster, London. Uni-Fuels seeks bunker traders for London operations  

Nasdaq-listed marine fuel supplier recruiting for trading team to support global expansion efforts.
Uni-Fuels Logo. Uni-Fuels seeks bunker traders for Piraeus office  

Nasdaq-listed marine fuel provider advertises positions as part of expansion in Greek market.

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