Mon 28 May 2018 06:54

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


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: 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,


Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.

Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.

Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.

Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.

Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.

The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.

Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.

Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.

The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.

The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.


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