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.

American Bureau of Shipping (ABS) logo. ABS introduces nuclear-ready notation for marine and offshore assets  

The classification society has released what it describes as an industry-first notation to support future nuclear conversion of vessels and offshore assets.
AiP handover ceremony for NEXTGEN Energy Hub (NGEH) design. ABS grants approval in principle for Seatrium’s NEXTGEN Energy Hub design  

The hub concept integrates ammonia bunkering, power generation and electric vessel charging in a single unit.
Jumbo Maritime crew aboard vessel. Jumbo orders two methanol-ready L-Class heavy lift vessels from Dajin Heavy Industry  

Dutch heavy lift specialist Jumbo signs newbuilding contract for two 25,000-dwt vessels.
China flag. Zhoushan completes first bonded bunker operation at Majishan port area  

The operation marks full fuel supply coverage across all general cargo terminals in Zhoushan's port system.
US dollar banknotes. Port of Long Beach launches $1m methanol bunkering challenge for oceangoing vessels  

A $1m prize aims to kick-start commercial methanol bunkering at one of North America's busiest ports.
Core Power, Athlos Energy, Deon Policy Institute and ABS logos. Greece floating nuclear study finds no fundamental barriers to implementation  

A PESTLE assessment of floating nuclear power plants in Greece identifies framework gaps, not feasibility barriers.
Northern Pathliner alongside Bergen LNG vessel. Molgas completes LNG cool-down and bunkering for Northern Pathliner at Northern Lights terminal in Norway  

Operation carried out at Øygarden facility, with K Line and Integr8 Fuels in the supply chain.
Rendering of a G2 Ocean OHGC vessel. G2 Ocean expands fleet with six future-fuel ready gantry crane vessels  

Open hatch specialist adds vessels and jet sail technology as part of a broad fleet renewal programme.
CMA CGM Adventure vessel at Port of Mombasa. LNG-powered CMA CGM Adventure makes first call at the Port of Mombasa  

Kenya Ports Authority receives its first large LNG-fuelled container vessel.
Liam Blackmore, Lloyd's Register. Maritime trio shapes IMO safety guidelines for ammonia as marine fuel  

Real-world operational experience feeds directly into new IMO ammonia fuel safety framework.

↑  Back to Top


 Recommended