Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Wed 13 Jun 2018, 06:34 GMT

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


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: 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.

Type Approval from RINA for Methanol Superstorage. SRC Group’s Methanol Superstorage has received RINA Type Approval  

Space-efficient fuel tank system has gained formal certification, enabling methanol adoption without sacrificing storage capacity.
AiP handover ceremony for methane oxidation catalyst system. MHI Marine Machinery and Mitsubishi Shipbuilding receive AiP for methane oxidation catalyst system  

ClassNK approves basic design of LNG engine exhaust treatment system achieving over 90% methane oxidation.
CMA CGM Esmeralda naming ceremony. CMA CGM names 15,000-teu methanol-powered container ship in Shanghai  

The CMA CGM Esmeralda has been deployed on the REX2 service.
DNV and the Singapore Institute of Technology (SIT) signing. DNV and Singapore Institute of Technology partner on remote vessel operations research  

Agreement focuses on shore-based control centres for bunker vessels and autonomous maritime capabilities.
Grande Inghilterra naming ceremony. Grimaldi takes delivery of eleventh ammonia-ready car carrier  

Grande Inghilterra features solar panels, lithium batteries and cold ironing capability.
Launching ceremony of Bisan Maru vessel. Japanese tugboat to feature biofuel blender and ultrasonic anti-fouling system  

Seagate Corporation’s Bisan Maru is the first Japanese tugboat to feature both environmental technologies.
Hercules Elisabeth vessel. Hercules Tanker Management deploys second Ultra-Spec vessel to the Mediterranean  

HTM Elisabeth arrived in Gibraltar carrying biofuel cargo from Thailand bound for Barcelona operations.
Carrier deck view. Wärtsilä to supply ammonia fuel systems for Navigator Gas and Amon Maritime carriers  

Finnish technology group wins contract for cargo handling systems on two dual-fuel ammonia vessels.
Svitzer Balder vessel. Battery-methanol harbour tug completes sea trials ahead of Gothenburg deployment  

Svitzer Balder is claimed to be the most powerful electric escort tug in the world.
Launching ceremony of Nave Orbit vessel. Changhong International launches fourth LR2 tanker for Navios  

Chinese shipbuilder floats 115,000-tonne LR2/Aframax product tanker with methanol and LNG conversion capability.

↑  Back to Top


 Recommended