Fri 16 Nov 2018 09:13

Enjoy the sixties while they last


By A/S Global Risk Management.


Michael Poulson, Senior Oil Risk Manager at Global Risk Management.
Image: 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.


Marius Kairys, CEO of Elenger Sp. z o.o. Elenger enters Polish LNG bunkering market with ferry refuelling operation  

Baltic energy firm completes maiden truck-to-ship LNG delivery in Gdansk.

Samsung Heavy Industries (SHI) virtual reality (VR) training program developed in collaboration with Evergreen. SHI develops VR training solutions for Evergreen's methanol-fuelled ships  

Shipbuilder creates virtual reality program for 16,500 TEU boxship operations.

Illustratic image of Itochu's newbuild ammonia bunkering vessel, scheduled for delivery in September 2027. Itochu orders 5,000 cbm ammonia bunker vessel  

Japanese firm targets Singapore demonstration after October 2027, with Zeta Bunkering lined up to perform deliveries.

Bunkering of the Glovis Selene car carrier. Shell completes first LNG bunkering operation with Hyundai Glovis in Singapore  

Energy major supplies fuel to South Korean logistics firm's dual-fuel vessel.

Orient Overseas Container Line (OOCL) vessel. CPN delivers first B30 marine gasoil to OOCL in Hong Kong  

Chimbusco Pan Nation claims to be first in region to supply all grades of ISCC-EU certified marine biofuel.

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.


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