Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Fri 16 Nov 2018, 09:13 GMT

Enjoy the sixties while they last


By A/S Global Risk Management.

Michael Poulson, Senior Oil Risk Manager at Global Risk Management.
Image credit: A/S Global Risk Management
In the weekly oil inventory report, published last night, the Energy Information Administration (EIA) reported a huge build in crude oil of 10.27 mio. barrels, more than 3 times higher than expected. It is the biggest weekly build since early 2017. However, distillates and gasoline inventories dropped 3.5 and 1.4 mio. barrels respectively, limiting market reactions to the data.

Along with continued talks of OPEC cutting production up to 1.4m barrels per day in 2019, equal to 1.5% of global supply, oil prices have climbed slightly and at the time of writing Brent is around $67.7.

As the OPEC meeting approaches early next month, expect increased volatility on news and comments ahead of the meeting. Whilst the focus at the last meeting in June was on supply disruption fears (and U.S. sanctions being reimposed on Iran), a supply cut will likely be the talk of the town this time around.

The EIA also reported that U.S. crude oil production is around 11.7m barrels per day - another new record. Turning to economic data, today sees Eurozone inflation and U.S. industrial production. Next week, the U.S. market is closed due to Thanksgiving Day on Thursday, and markets close early on Friday for the same reason.

Tonight, the weekly oil rig count from Baker Hughes will be followed closely after last week's jump of 12 rigs coming online to currently 886.

Anne Mai Hatlem and Prof Lynn Loo. GCMD and Equinor sign five-year partnership on alternative fuels and carbon storage  

Singapore-based centre and Norwegian energy company to combine expertise in maritime pilots and low-carbon fuel supply.
Petrobras logo. Petrobras suspends bunker deliveries at Rio Grande after tropical storm  

Storm damage and power outage leave resumption timeline unclear.
Grande Egitto vessel. Grimaldi adds fourteenth ammonia-ready car carrier to fleet  

Grande Egitto, built by China Merchants Heavy Industries Jiangsu, will operate on the Asia–East Africa trade route.
ABS awards AiP to HD HHI and HD KSOE for ammonia bunkering vessel design. ABS grants design approval for ammonia bunkering vessel from HD HHI and HD KSOE  

Approval in principle covers a 22,000-cbm multi-purpose vessel intended to supply ammonia as marine fuel.
Trenching vessel render. Jan De Nul exercises option for alternative-fuel-capable trenching vessel  

Belgian marine contractor confirms option for a second subsea trenching vessel built on Ulstein's customised design platform.
ABS issues NTQ approval to MODEC and Eld Energy. ABS grants technology qualification approval for FPSO fuel cell system  

MODEC and Eld Energy’s solid oxide fuel cell system moves towards offshore trials after clearing initial ABS review stages.
IMO CCC 12th Session. IMO sub-committee finalises revised methanol fuel safety guidelines  

CCC 12 completes revision of interim methanol fuel guidelines while advancing work on carbon capture and low-flashpoint fuel rules.
Volare Shipping logo. Trafigura spins off VLCC fleet into new listed shipping company  

Volare Shipping established, with eight ammonia-ready vessels on order.
Ship-to-ship ammonia bunkering operation. Japan completes world's first ship-to-ship ammonia bunkering to ammonia-fuelled vessel  

Ammonia fuel transferred between ships at Ariake Shipyard ahead of gas carrier’s sea trials.
Lilac Cove vessel. Jiangnan delivers second LPG dual-fuel VLAC in series to Singapore’s EPS  

Lilac Cove, the world’s largest liquid ammonia carrier, joins Ivy Cove as Jiangnan advances its six-ship VLAC programme.

↑  Back to Top


 Recommended