Wed 6 Jun 2018 08:09

Brent remains in the mid-70s with intraday volatility


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: 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.


Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.

Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.

The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.

Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.

Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.

Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.


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