Fri 10 Aug 2018 08:16

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


By A/S Global Risk Management.


Michael Poulson, Global Risk Management.
Image: 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.


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.

Carsten Ladekjær, CEO of Glander International Bunkering. Glander International Bunkering reports stable performance amid regulatory changes  

Bunker trader achieves $3bn turnover and $22m pre-tax earnings for fiscal 2024-25.

Map of the Mediterranean Sea ULSFO demand surges in Med as ECA compliance drives fuel shift  

KPI OceanConnect reports accelerating ULSFO uptake across the region.

The Zale performing a bunker delivery. Monjasa reports Singapore as top bunker supply port with over 1 MMT delivered  

Supplier says world's largest bunkering hub became its biggest supply location in 2024.

Steel cutting ceremony for the 7,999 DWT chemical bunker tanker Lucia Cosulich at Taizhou Maple Leaf Shipbuilding Co., Ltd. in China. Fratelli Cosulich begins construction of second methanol-ready bunker tanker  

Italian firm starts steel cutting for 7,999 DWT chemical bunker vessel.

Petrobras logo. Petrobras introduces volume-based price discounts at Santos  

Brazilian oil company offers progressive discounts for bunker deliveries exceeding 1,500 tonnes.


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