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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.

Alisios vessel. Axpo completes first LNG bunkering in Valencia, with over half bio-LNG  

Ship-to-ship transfer to a container vessel makes Valencia the company's fourth Spanish port for LNG bunkering.
Christening ceremony of Makua vessel. Matson christens Makua, first of three LNG-ready Aloha Class container ships  

Dual-fuel vessel, due for delivery in early 2027, is the first of three ships worth around $1bn.
CMB.Tech logo. CMB.Tech seeks Singapore-based ammonia operations manager for Asia Pacific  

New hire will oversee ammonia chartering and bunkering and liaise with Far East partners.
Lumi Aurora vessel. IINO Lines deploys first Ice Class IB VLGC on long-term charter to Borouge International  

LPG-fuelled Lumi Aurora will carry North American gas to Borouge International's Porvoo plant in Finland.
Abelina Wagenborg vessel launch. Wagenborg launches first EasyMax 2.0 vessel, prepared for methanol, ammonia and LNG  

Abelina Wagenborg, built at Niestern Sander, is the first of a new generation designed for multiple alternative fuels.
NYK and MISC joint venture signing. NYK–MISC joint venture signs charter for 18,700-cbm LNG carrier with Malaysia LNG  

Asia LNG Transport will operate the dual-fuel diesel-electric newbuild, due from Hudong-Zhonghua in 2028, on routes to Japan.
Tsuneishi logo. Study finds methanol dual-fuel retrofit of Kamsarmax bulk carrier would take about 75 days  

Report by Mærsk Mc-Kinney Møller Center, involving Tsuneishi, puts conversion costs at 25–30% of the cost of a conventionally fuelled newbuilding.
LR, Shell and GTT joint development project (JDP) launch. Lloyd's Register, Shell and GTT launch joint project on hybrid-electric 200,000-cbm LNG carrier  

Partners to develop a concept combining hybrid-electric propulsion with GTT NEXT1 cargo containment technology for larger LNG carriers.
ClearMariner homepage. ClearMariner expands maritime sanctions screening with ESG, emissions and API support  

Online service now combines sanctions checks with voyage CO₂, CII, EU ETS and FuelEU Maritime estimates.
Long Jing Xin, Flex Commodities. Flex Commodities adds Long Jing Xin to Singapore marine fuels team  

Company appoints associate for marine fuels as part of plan for regional expansion.

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