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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.

O Bunkering and Marafi Services merger ceremony. O Bunkering and Marafi Services announce merger  

Omani firms join forces to accelerate growth and improve operational efficiency.
Order ceremony for LNG dual-fuel container vessels. OOCL orders twelve 13,600-teu LNG dual-fuel container vessels from Chinese shipbuilder  

Hong Kong-based carrier’s first LNG-powered vessels mark entry into alternative fuel segment.
Lucia Cosulich vessel. Cosulich launches second methanol-ready bunker vessel at Chinese shipyard  

Lucia Cosulich is the second of four sister vessels being built for alternative fuel bunkering.
LNG bunkering vessel render. Wärtsilä Gas Solutions secures order for LNG systems on four bunkering vessels  

GSX Energy orders systems for vessels being built at Chinese shipyard Nantong CIMC Sinopacific.
Guo Si ship-to-ship (STS) bunkering operation. Chimbusco Pan Nation delivers 2,500 mt of B100 biodiesel in China’s largest single bunkering  

Hong Kong operation claims 89% greenhouse gas emissions reduction compared with conventional marine fuel.
Caroline Yang, Diana Mok and Francois-Xavier Accard, IBIA. IBIA appoints three new members to Asia regional board  

Caroline Yang, Diana Mok and Francois-Xavier Accard join the board following unanimous approval.
Reimei vessel. MOL achieves 98% methane slip reduction in LNG-fuelled vessel trials  

Japanese shipping company exceeds target in demonstration trials aboard coal carrier operating between Japan and Australia.
Seaside LNG logo. Seaside LNG expands C-suite with four industry veterans  

Houston-based firm appoints new leadership team as LNG bunkering market projected to reach $15bn by 2030.
International Maritime Organization (IMO) headquarters. ICS calls for swift adoption of global regulatory framework  

Secretary general notes MEPC discussions were constructive, but that many member states were still not in a position to adopt the framework without further changes.
WSC quote on maritime discussions. WSC welcomes 'constructive engagement' on global emissions reduction measure  

The liner industry has invested $150bn in dual-fuel ships, but emissions reductions depend on a global framework, notes WSC CEO.

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