Fri 14 Sep 2018 07:15

Brent slips a couple of dollars after nearly reaching four-month high


By A/S Global Risk Management.


Michael Poulson, Senior Oil Risk Manager at Global Risk Management.
Image: A/S Global Risk Management
After nearly reaching a four-month high earlier this week, Brent slipped a couple of dollars yesterday and, at the time of writing, is around $78.4.

A monthly oil market report from the International Energy Agency (IEA) warned of increasing global economic risks over the next few months due to uncertainties regarding emerging markets' economies and the risk of escalating trade disputes - items which could reduce demand for oil on a global scale. According to the report, global oil supply hit a record high in August - 100 mio. barrels per day - with OPEC crude supply hitting 32.63 mio. barrels per day, which is a nine-month high.

India will likely cut its monthly crude imports from Iran this and next month by half in an attempt to comply with the upcoming U.S. sanctions against Iran to below 12 mio. barrels. India is the second-largest buyer of Iranian oil, China is the largest buyer. India is also the world's third-largest oil importer, importing 70% of its energy demand; hereof, 83% of its oil demand comes from external sources. Options for India to replace the Iranian oil could be Saudi Arabia and Iraq.

Tonight, the weekly oil rig count from Baker Hughes is published. Last week saw a drop in the number of active U.S. oil rigs of 2. Since May, the number has been hovering around 860 plus/minus 10.

Turning to economic data, overnight Chinese Industrial production for August showed a slight increase 6.1% versus 6.0% previous. Later today, U.S. Core Retail Sales and Retail Sales is published.


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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