Wed 13 Jun 2018 06:34

US interest rate decision, OPEC report and weekly oil stocks data


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
Today, the US FOMC - which is a part of the US central bank (the Fed) - is meeting to announce future policy. The so-called federal funds rate is especially important as this is the rate at which banks charge each other for overnight loans. Since 2015, the Fed has increased this rate gradually and it is expected to be raised from 1.75% to 2% as of the meeting today. Though this is an important macroeconomic parameter, it is not expected to stir much up in the financial markets as it has been expected for a while and likely is priced in already.

U.S. President Donald Trump and North Korean leader Kim Jong-un met yesterday in a historical session with a destruction of the North Korean nuclear programmes on the agenda. Even though the session historically and politically speaking was huge, it didn't have much economic significance - at least not on the oil market.

Turning tofundamentals: OPEC released its monthly oil market report which mentioned that a high degree of uncertainty is still present in the oil markets despite accompanying data showing that the supply overhang is gone. OPEC+ producers will meet in Vienna 22-23 June to discuss the further nature of the oil cut deal that is currently in place.

Yesterday, the American Petroleum Institute released its oil inventory data which showed U.S. crude stocks increased by 0.83 mbbl, gasoline stocks increased by 2.3 mbbl and distillates stocks increased by 2.1 mbbl. Later today, the EIA will release the weekly inventory report.


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.


↑  Back to Top