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.


Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.

Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.

Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.

Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.

Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.

The Buffalo 404 barge, owned by Buffalo Marine Service Inc., performing a bunker delivery. TFG Marine installs first ISO-certified mass flow meter on US Gulf bunker barge  

Installation marks expansion of company's digitalisation programme across global fleet.

Sogestran's fuel supply vessel, the Anatife, at the port of Belle-Île-en-Mer. Sogestran's HVO-powered tanker achieves 78% CO2 reduction on French island fuel runs  

Small tanker Anatife saves fuel while supplying Belle-Île and Île d'Yeu.

Crowley 1,400 TEU LNG-powered containership, Tiscapa. Crowley deploys LNG-powered boxship Tiscapa for Caribbean and Central American routes  

Vessel is the third in company's Avance Class fleet to enter service.

The inland LNG bunker vessel LNG London. LNG London completes 1,000 bunkering operations in Rotterdam and Antwerp  

Delivery vessel reaches milestone after five years of operations across ARA hub.

The M.V. COSCO Shipping Yangpu, China's first methanol dual-fuel containership. COSCO vessel completes maiden green methanol bunkering at Yangpu  

China's first methanol dual-fuel containership refuels with green methanol derived from urban waste.


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