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Tue 29 May 2018, 07:20 GMT

Brent remains in mid-70s as focus shifts from geopolitics to fundamentals


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
Saudi Arabia and Russia allegedly over the weekend discussed increasing OPEC and non-OPEC oil production by 1 mio. barrels per day to offset the decline in Venezuelan output and potential re-imposing of sanctions against Iran. Likely, the decision will not be finalized until the official meeting in June... at the earliest. But the mere info of the discussion seems to weigh on oil prices. U.S. oil production continues to increase and currently stands at 10.73 mio. barrels per day - just shy of top producer Russia, which pumps around 11 mio. barrels per day

The first tropical storm of the season, Alberto, made landfall over Florida and is likely heading for Canada. The storm is being closely watched and caused closures of energy operations in the Gulf of Mexico over the weekend.

The weekly oil stocks data from the American Petroleum Institute (API) and the Energy Information Administration (EIA) are one day delayed due to yesterday's holiday; so they will be published tomorrow evening and Thursday at 17.00 CET respectively.

Financial markets' focus turn to the continued political uncertainty in Italy, the potential election and discussions on leaving the EU; and Spain, where the prime minister is facing a vote of confidence in his leadership later this week.

Today, is a holiday in Singapore. Later today sees a row of central bank speeches and U.S. consumer confidence data.

Verde Marine Energy (VME) logo. Verde Marine Energy completes its first B100 biofuel bunkering in ARA region  

Supplier delivers B100 advanced FAME to Vertom vessel.
CMA CGM Notre Dame vessel. Bureau Veritas classes CMA CGM’s first 24,000-teu LNG dual-fuel mega boxship built by Yangzi Xinfu  

BV highlights work carried out during design, construction and commissioning of new new ultra-large container vessel.
ECSA and A4E logo. Shipping and aviation bodies urge EU to redirect ETS revenues into sustainable fuels  

ECSA and A4E say more than €11bn in annual ETS contributions must fund decarbonisation efforts.
Scotland flag. Bunker One deploys supply barge at Aberdeen South Harbour ahead of July launch  

Marine fuel supplier targets Aberdeen’s growing maritime sector with dedicated barge.
Steel cutting ceremony of vessel with builder's hull no. H2840. Jiangnan Shipyard breaks ground on LPG-fuelled ammonia carrier for Jaldhi Overseas  

Constructions starts on 95,000-cbm vessel set to be world’s largest liquid ammonia carrier.
Mineral Latvija vessel. Fortescue and CMB.Tech sign charter deal for up to 12 ammonia-capable bulkers  

The agreement covers 12 Newcastlemax vessels, with three to be delivered as dual-fuel ammonia ships by end-2026.
Federal Beaufort vessel. Verra publishes new carbon methodology for alternative fuels in shipping  

VM0053 framework offers an accounting structure for emissions reductions in maritime transport.
NYK LNG-powered vessel connected to shore power. ICO launches Belgium’s first commercial shore power facility for ro-ro vessels at Zeebrugge  

NYK Group subsidiary connects pure car and truck carrier to green shore power at Belgian port.
Ocean Express ship-to-ship (STS) LNG bunkering operation. Dan-Bunkering completes LNG supply in China for Sallaum Lines’ newbuild PCTC  

Bunker firm delivers approximately 1,400 tonnes of LNG to Sallaum Lines’ newbuild car carrier in China.
Seaspan Lions (STS) LNG bunkering operation. Low-GHG methane could keep LNG-capable fleet compliant as regulations tighten, DNV paper argues  

Biomethane and e-methane offer a compliance pathway for LNG-capable ships, says DNV.

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