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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.

Tsurugidake naming ceremony. MOL holds naming ceremony for fourth LNG dual-fuel VLCC  

Vessel, named Tsurugidake, features an LNG fuel tank with a capacity exceeding 10,000 cbm.
VPS Carbon Reduction seminar graphic. VPS to host Bergen seminar on marine fuel quality, lubricants and decarbonisation regulation  

Free-to-attend event on September 16 will feature speakers from VPS and DNV.
Launching ceremony of Carlotta Cosulich. Cosulich Marine Energy launches third methanol-ready bunker tanker in China  

Carlotta Cosulich launched at Taizhou Maple Leaf Shipyard, leaving one vessel in series still to come.
Carnival Corporation logo. Carnival's CSMART seeks specialist instructor for LNG-as-fuel training in Netherlands  

Role focused on delivering training to through classroom instruction and simulator-based learning.
Port of Galveston. Stabilis Solutions nears 100 LNG bunkering operations at Galveston  

Houston-based supplier highlights its Gulf Coast LNG bunkering record as plans advance for new liquefaction facility.
Central control room at the green methanol plant. Towngas hosts Hong Kong government delegation at Inner Mongolia green methanol plant  

Hong Kong's Transport and Logistics Bureau tours VENEX facility as green methanol capacity scales to 300,000 tonnes.
CMA CGM Notre Dame vessel at Singapore Port. Singapore 12-month bunker calls hit all-time high in July  

TTM calls at world's largest bunkering hub reach record levels despite softer sales volumes.
Cargo port in Singapore. Singapore T3M bunker sales stay below 14m tonnes for fourth month running  

Rolling three-month volumes remain subdued despite modest month-on-month recovery in July.
Shore power system launch at Port of Callao. Peru’s Port of Callao launches first shore power system in Latin America  

DP World Callao’s onshore power supply system could cut over 6,300 tonnes of CO₂ annually.
Aristodimos vessel. New Times Shipbuilding delivers LNG dual-fuel crude oil tanker to Capital  

Chinese yard hands over 155,500-dwt vessel in ceremony attended by owner’s representative.

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