Wed 30 May 2018 07:41

Yesterday saw some volatility, but Brent ended slightly lower


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
Yesterday saw some volatility in oil prices, but at the end of the day, Brent oil price ended slightly lower - and is currently trading around $75.4

Oil market participants continue to focus on a potential OPEC/non-OPEC production increase along with steady increase in U.S. crude oil production.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) will be followed closely. The data is one day delayed due to Monday's U.S. holiday and the same goes for the EIA oil inventory report which is published tomorrow. Consensus is a build of around 2.2. mio. barrels of crude - last week surprised with a 5.7 mio. build in crude, smaller builds in gasoline and distillates stocks.

A potential 1 mio. barrels' OPEC/non-OPEC production increase will likely not be decided until the official meeting 22 June,. However, likely next week, Saudi Arabia will publish its official selling price (OSP) for July to Asia. Last month, the huge oil producer hiked its June OSP to the highest since 2014 with a premium of $1.9/barrel to the Oman/Dubai average. If the Saudis lower the July OSP, this could be a sign of a potential output boost. Recently, the U.S. has increased its crude exports to Asia, from 260,000 barrels per day in the first five months of 2017 to around 620,000 barrels per day this year.

On the economic data front, a row of European data is coming up, from French GDP, German employment data to Italian 10-year BTP bonds. Later today, U.S. ADP nonfarm payrolls is published ahead of Friday's closely followed non-farm payroll data. Overnight, Chinese Manufacturing PMI is released.


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.

Carsten Ladekjær, CEO of Glander International Bunkering. Glander International Bunkering reports stable performance amid regulatory changes  

Bunker trader achieves $3bn turnover and $22m pre-tax earnings for fiscal 2024-25.

Map of the Mediterranean Sea ULSFO demand surges in Med as ECA compliance drives fuel shift  

KPI OceanConnect reports accelerating ULSFO uptake across the region.

The Zale performing a bunker delivery. Monjasa reports Singapore as top bunker supply port with over 1 MMT delivered  

Supplier says world's largest bunkering hub became its biggest supply location in 2024.

Steel cutting ceremony for the 7,999 DWT chemical bunker tanker Lucia Cosulich at Taizhou Maple Leaf Shipbuilding Co., Ltd. in China. Fratelli Cosulich begins construction of second methanol-ready bunker tanker  

Italian firm starts steel cutting for 7,999 DWT chemical bunker vessel.

Petrobras logo. Petrobras introduces volume-based price discounts at Santos  

Brazilian oil company offers progressive discounts for bunker deliveries exceeding 1,500 tonnes.


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