Fri 8 Jun 2018 07:00

Overnight Chinese trade data cools upward oil price trend


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
Much of the oil price fluctuations this this week was caused by mixed comments by OPEC as well as the U.S. regarding a potential ending of the production cut deal at the meeting later this month. Supporting prices was also huge difficulties for oil producer Venezuela to meet its oil supply obligations.

Overnight GDP data from Japan came out unchanged while Chinese trade activities disappointed. The two countries are major oil consumers and therefore growth - or lack of - affect the oil market (supply/demand). Today, the G7 leaders meet in Canada and comments and news from the meeting could send some jitters in the markets, especially after recent U.S. tariffs were imposed on a number of products from a number of countries. Next week, the U.S. central bank, Fed, will release meeting minutes along with info on a potential interest rate hike, something which could also influence growth prospects in the country.

Tonight, the weekly oil rig count from Baker Hughes will be followed closely. The previous two weeks have seen minor increases in the number of active rigs in the U.S. Same time two years ago, 325 rigs were active, one year ago the number was 741, and the number is currently around 3-year high. U.S. crude oil production has been surging and the country is now the world's second-largest oil producer, just behind Russia and ahead of Saudi Arabia, OPEC's largest oil producer.


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  

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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  

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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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