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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.

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Bureau Veritas grants approval in principle following joint development project with South Korean shipbuilder.
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Marine fuel supplier discusses challenges for shipowners and opportunities for suppliers under new regulation.
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Viking Grace vessel. Viking Line secures biogas supply for 2026 after tenfold increase in biofuel use  

Åland-based ferry operator aims to maintain 50% biogas blend throughout the year on two vessels.
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Tangier Maersk vessel. Maersk takes delivery of first methanol-capable vessel in 9,000-teu series  

Tangier Maersk is the first of six mid-size container ships with methanol-capable dual-fuel engines.

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