Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 6 Jun 2018, 08:09 GMT

Brent remains in the mid-70s with intraday volatility


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
News of the U.S. asking OPEC to increase oil production by approx. 1 mio. barrels per day to curb recent energy price increases weighed on prices yesterday along with comments from Iraq that it could exit the cutback agreement as a politician stated: "For sure, Iraq's share of exports should be unlimited... we should be able to export whatever we can via open share, we have an abundance of oil and we need to benefit from that".

Supporting prices this morning is news of additional risk of Venezuela halting some of its exports. The country could declare force majeure on some large crude oil buyers as the export terminals are overcrowded and output is declining.

The weekly oil stocks data from the American petroleum Institute (API), published last night, showed a drop in crude oil stocks of 2 mio. barrels while gasoline grew by 3.8 mio. barrels, distillates fell 871,000 barrels. Now this afternoon's oil inventory report from the Energy Information Administration (EIA) along with production data will be followed closely for confirmation/deviation of this trend. Consensus is a draw in crude oil stocks of 1.8 mio. Expect additional volatility around the publishing (16.30 CET).

Turning to economic data, yesterday saw a row of U.S. key data which basically all came out on line or better than expected, indicating that the huge economy is improving. Another set of data , trade activities, are up today, other than that no major releases. Later this week, a number of Asian key data from Japan and China will be published.

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.

↑  Back to Top


 Recommended