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.

Photograph of a blue cargo vessel. LNG-fuelled ships account for 79% of alternative fuel orders in 2025, SEA-LNG reports  

Industry coalition highlights decade of progress and over $150bn investment in methane-based marine fuels.
Vessels at sea. Maritime piracy incidents rise 18% in 2025, Singapore Straits accounts for majority  

ICC International Maritime Bureau reports 137 incidents globally, with violence against crew continuing.
Falstria Swan vessel. Biodiesel cuts black carbon emissions by up to 81% in shipping trial  

Project CLEANSHIP submits real-world sailing data to IMO showing biodiesel's climate benefits for shipping.
Bow Leopard vessel. Petrobras signs renewable bunker fuel deal with Odfjell for Brazil-Norway green corridor  

Brazilian state oil company to supply up to 12,000 tonnes of B24 blend in 2026.
Singapore waterfront skyline. Singapore ammonia ship-to-ship bunkering deemed feasible with safety measures, says GCMD  

New report identifies operational risks and safety zones for ammonia transfers in Singapore's port waters.
LNG carrier render. Jiangnan Shipyard secures orders for 16 vessels across three deals in January  

Chinese yard signs contracts for ammonia carriers, LNG carriers, and container ships with EPS and Cosco.
Paras Rastogi, Flex Commodities. Flex Commodities hires Paras Rastogi as marine fuels trader  

Dubai-based trader adds bunker specialist with experience in trading, operations, and international markets.
Methanol dual-fuel webinar graphic. Maritime Technologies Forum to host webinar on methanol dual-fuel ship inspection guidelines  

MTF webinar on 5 February will present recommendations from recently published safety inspection report.
Steel cutting ceremony of a 298,000-dwt LNG dual-fuel crude oil tanker with builder's hull no. 0330006. Steel cutting begins on 298,000-dwt LNG dual-fuel VLCC  

Chinese yard commences construction on sixth vessel in series for Andes Tankers II with DNV class oversight.
Rapide 3000-Z2 pushboat design render. Robert Allan completes pushboat design for Hermasa with biodiesel capability  

RApide 3000-Z2 vessels designed for Amazon grain transport with B100 biodiesel fuel option.

↑  Back to Top


 Recommended