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Fri 10 Aug 2018, 08:16 GMT

Coming up: IEA report and oil rig count, expect volatility


By A/S Global Risk Management.

Michael Poulson, Global Risk Management.
Image credit: Global Risk Management
Oil prices continued the downtrend yesterday with intraday swings. Weighing on prices is the escalating trade war between China and the U.S. China will impose additional tariffs on U.S. goods - also on fuel and steel; however, crude oil imports will be exempt. Markets worry that the various trade tariffs could affect economic growth and hence demand for goods, including oil.

A dark horse for oil prices is the coming U.S. sanctions against Iran, taking a huge amount of oil off the market from November. It remains uncertain how many oil importing countries will follow the U.S. demand to refrain from purchasing Iranian oil.

Today, the monthly IEA monthly oil market report is released. Tonight, the weekly oil rig count from Baker Hughes will indicate if the number of active U.S. rigs continues the decline of if last week's decline was a one-off.

There are a couple of key economic data releases today, starting with UK GDP and Manufacturing production. Later today, the U.S. Core CPI and CPI will be released.

Container ship at harbour. Skuld warns of unusual chemical compounds in Southeast Asian marine fuels  

Marine insurer reports fuels meeting ISO 8217 standards but containing high levels of hydrocarbon compounds.
Arsenio Dominguez, IMO. IMO chief urges progress on net-zero framework amid Hormuz crisis  

Arsenio Dominguez calls for constructive dialogue as MEPC 84 tackles greenhouse gas measures and ballast water regulations.
Monjasa Shaker vessel. Monjasa reflags UAE-based tankers to Emirates registry  

Marine fuels supplier transitions first of three vessels from Liberian to UAE flag.
Ammonia bunkering at Port of Ulsan. Lotte Fine Chemical completes world’s first commercial ammonia bunkering at Ulsan  

South Korean chemical company claims to have established a complete green ammonia value chain.
London skyline. Propeller Fuels seeks bunker trader for London office  

Marine fuel supplier advertises for trader to manage procurement, sales and client relationships.
Windward Hamburg vessel. Fincantieri’s VARD launches first of four offshore wind vessels for Windward Offshore  

VARD 4 19 design vessel features battery hybrid propulsion and green methanol preparation.
Singapore Maritime Week panel session. Singapore industry leaders call for regulatory clarity on maritime energy transition  

SSA councillors highlight need for government support and clear policies to enable alternative fuel adoption.
Aerial view of container vessel at sea. Seaspan and Technolog unveil LNG feeder design with four-week ammonia conversion pathway  

Lloyd’s Register grants approval for a 3,370 TEU vessel concept designed for swift transition to zero-carbon fuel.
David Foo, MPA. Singapore’s MPA backs LNG as part of multi-fuel strategy for shipping decarbonisation  

Authority emphasises regulatory frameworks and workforce development as sector navigates geopolitical uncertainty and energy transition.
ABS and PIL sign MoU. ABS and PIL partner on book-and-claim emissions verification  

Classification society to verify fuel consumption and emissions data for shipping line’s alternative fuel claims.

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