Thu 14 Jun 2018 08:09

Weekly oil stocks, monthly oil report and mixed economic data


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: Global Risk Management
Bullish oil inventory report from the Energy Information Administration (EIA) caused an oil price increase yesterday. The weekly EIA report showed larger-than-expected draws all over. Crude oil stocks fell by 4.1 mio. barrels, distillates by 2.1 mio. barrels and gasoline by 2.3 mio. barrels. According to the report, gasoline demand rose to record-high just like the crude oil production which came at a record 10.9 mio. barrels last week, surpassing OPEC's top producer Saudi Arabia and closing in on Russia (11.1 mio. barrels per day so far in June).

Supporting oil prices was an alleged exchange of words between the U.S. and Iran regarding oil prices. Oil prices have increased approx. 60% since the initiation of the current oil production cut deal between OPEC and a row of non-OPEC countries. The oil producers will discuss the deal during the meeting in Vienna on 22-23 June.

The International Energy Agency (IEA) yesterday published it monthly oil market report. The Agency kept oil demand growth forecast for 2019 unchanged at 1.4 mio. barrels per day along with oil production growth forecast to be 1.7 mio. barrels per day.

Turning to economic data, the Fed yesterday raised interest rates, but it came as no surprise to the markets and no major reaction followed. Overnight, Chinese Industrial Production came out lower than expected. Also, the country's May refining activity dipped to 11.93 mio. barrels compared to 12.06 mio. in April. Today, is heavy on economic data with among others Euro Zone interest rate decision is published, along with U.S. retail sales and EU inflation data.


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.


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