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.

Wolf 1 vessel. Petrol Ofisi launches fuel supply tanker Wolf 1  

Turkish bunker supplier adds 1,750-dwt vessel with alternative fuel infrastructure to fleet.
BIMCO meeting. BIMCO to convene for adoption of biofuel clause and ETS provisions at February meeting  

Documentary Committee to consider new contractual frameworks for alternative fuels and emission trading scheme compliance.
Sea Change II vessel render. Incat Crowther and Switch Maritime develop 150-passenger hydrogen ferry for New York  

Design work begins on 28-metre vessel with 720 kg hydrogen capacity and 25-knot speed.
Aerial view of a container vessel. HIF Global signs heads of agreement with German eFuel One for 100,000 tonnes of e-methanol annually  

Deal covers supply from HIF’s Uruguay project, with e-methanol meeting EU RED III standards.
Welcoming of Kota Odyssey at Jordan’s Aqaba Container Terminal. PIL’s LNG-powered vessel makes maiden call at Jordan’s Aqaba port  

Kota Odyssey is Pacific International Lines’ first LNG-fuelled ship to call at the Red Sea port.
Celsius vessel. RMK Marine to equip Celsius LNG bunker vessel with gas combustion unit  

Turkish shipbuilder adds specialised equipment to support cool-down and gassing-up operations for LNG vessels.
CSL and CMA CGM contract signing. Cochin Shipyard signs contract with CMA CGM for six LNG-fuelled container vessels  

Indian shipbuilder to construct vessels for French shipping company.
Yellow oil with air bubbles illustration. Maximising lubricant value | Joe Star, VPS  

VPS Strategic Account Manager shares insights from the firm's database of lubricant oil results.
IBIA hiring graphic IBIA seeks marketing and events coordinator for remote role  

International Bunker Industry Association is recruiting for a dual-reporting position supporting global campaigns and event delivery.
Erdinc Altun and Pınar Kezer Kilinc. Arkas Bunker and DB Tarımsal Enerji present Turkish biofuel model at IMO seminar  

Turkish firms showcase integrated waste-to-fuel system with ISCC-EU certification at London technical seminar.

↑  Back to Top


 Recommended