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Mon 19 Nov 2018, 08:36 GMT

Friday's session was highly volatile with huge intraday swings


By A/S Global Risk Management.

Michael Poulson, Senior Oil Risk Manager at Global Risk Management.
Image credit: A/S Global Risk Management
Saudi Arabia, one of the world's largest oil producers, last week stated that it would bring the suggestion of production cuts to the OPEC meeting early next month. Up to 1.4 mio. barrels per day could be cut by the huge organization of oil producers, if supported and implemented. Earlier today, the Russian energy minister stated that the country - a non-OPEC member, but another of the world's largest oil producers - is planning to sign a partnership agreement with OPEC next month when the parties meet around the OPEC meeting in Vienna.

In the weekly report on Friday, Baker Hughes reported an increase of 2 U.S. oil rigs to 888 which is a three-and-a-half-year high. The last 4 of 5 weeks have shown builds in the number of active oil rigs. At the same time, U.S. crude oil production is hovering around an all-time high of 11.7m barrels per day.

The week is short for the U.S. markets with Thanksgiving on Thursday followed by early close on Friday. The long weekend is traditionally one of the most heavy on traffic in the U.S. as around 48.5 mio. Americans hit the roads.

Economic data this week sees, among others, U.S. housing reports, UK inflation report hearings and ECB Account of Monetary Policy Meeting.

Damen ASD Tug 2713 Fuel Flexible (FF) vessel graphic. Damen receives methanol approval for ASD Tug 2713 fuel-flexible design  

Bureau Veritas and Dutch flag state grant approval, enabling construction of methanol-ready tugs.
Sing Fuels hiring graphic. Sing Fuels seeks supply trader for China-focused marine fuel procurement role  

Singapore-based firm recruiting for position involving supplier negotiations and market tracking across Asia.
Steel cutting ceremony of vessel with builder's hull no. CHB2061. Zhoushan Changhong begins construction on third 11,400-teu LNG dual-fuel container ship  

CHB2061 is the third vessel in an 18-ship series for Oceanroutes, designed to exceed EEDI Phase III standards.
Steel cutting ceremony of vessel with builder's hull no. CHB2050. Construction begins on fourth 19,000-teu LNG dual-fuel container ship for MSC  

Vessel is said to be the largest LNG dual-fuel container ship under construction in Zhejiang Province.
325,000-dwt Newcastlemax vessel render. WinGD secures first ethanol-fuelled engine orders for ocean-going vessels  

Swiss power firm to supply dual-fuel engines for two ore carriers operating under Vale charter.
Grimaldi ro-ro passenger vessel render. Auramarine to supply methanol fuel systems for six Grimaldi Group ro-pax vessels  

Finnish firm wins contract for methanol systems on Mediterranean vessels scheduled for delivery in 2028–2030.
Everllence office building. Everllence reports more than 160 orders for Mk10.7 two-stroke engine platform  

Modular engine design allows shipowners to switch between conventional and alternative fuels.
Rendering of an electric tug. Berg Propulsion to supply electric propulsion for Türkiye’s most powerful tugs  

Swedish firm contracted for four diesel-electric firefighting tugs with over 130-tonne bollard pull capacity.
Hyke F-15 Shuttle vessel render. Hyke partners with Pascal Technologies for electric ferry powertrain in Norway  

Pascal Technologies to supply integrated powertrain platform for Hyke F-15 Shuttle ordered by Cityboat.
VPS logo. The importance of fast turnaround times for bunker fuel analysis in today’s market | Thomas Schmidt, VPS  

Rapid and reliable fuel quality intelligence is critical to protecting vessels, machinery, operations and commercial performance.

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