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.

Tangier Maersk vessel. Maersk takes delivery of first methanol-capable vessel in 9,000-teu series  

Tangier Maersk is the first of six mid-size container ships with methanol-capable dual-fuel engines.
IBIA MFM bunkering training course graphic. IBIA to run surveyor training course for mass flow meter-equipped bunkering in Rotterdam  

One-day course scheduled for 19 February aims to prepare professionals for MFM-equipped bunkering operations.
CO2 carrier vessel aerial view. MOL secures two 12,000-cbm CO2 carriers for Northern Lights expansion  

Japanese shipowner to deliver vessels in 2028 for cross-border carbon transport and storage project.
MOL and ONGC VLEC long-term charter signing. MOL and ONGC sign 15-year charter deal for two ethane carriers  

Japanese shipowner expands fleet to 16 vessels with newbuildings scheduled for delivery in 2028.
Vessels at sea. Dual-fuel container ship and vehicle carrier fleet reaches 400 vessels  

World Shipping Council reports 83% increase in operational dual-fuel vessels during 2025.
Photograph of a blue cargo vessel. Lloyd’s Register publishes first guidance notes for onboard hydrogen generation systems  

Classification society addresses regulatory gap as shipowners explore producing hydrogen from alternative fuels onboard.
Erasmusbrug bridge in Rotterdam. Rotterdam bunker industry faces upheaval as new regulations drive up costs and shift volumes  

Red III compliance costs and a mass flow meter mandate are creating operational challenges across the ARA region.
Neil Chapman, VPS. VPS appoints Neil Chapman as managing director for the Americas  

Maritime services company names industry veteran to lead regional operations and client partnerships.
Oil refinery infrastructure. Maritime industry shifts towards LNG as alternative fuel enthusiasm stalls  

Geopolitical concerns drive shipping leaders to prioritise established fuels over newer alternatives, survey finds.
OceanScore logo. OceanScore reaches $5m annual recurring revenue as emissions compliance demand grows  

Hamburg-based firm supports compliance workflows for more than 2,500 vessels as regulations enter operational phases.

↑  Back to Top


 Recommended