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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.

Navios Turquoise vessel. Navios Partners takes delivery of second LNG- and methanol-ready boxship in newbuilding series  

Handover of 7,900-TEU Navios Turquoise follows delivery of sister ship Navios Cyan in May.
Yang Ming and Hanwha Ocean contract signing ceremony. Yang Ming orders six 13,000-TEU LNG dual-fuel vessels from Hanwha Ocean  

Taiwanese carrier expands green fleet with ammonia-ready newbuilds due for delivery by 2029.
AiP award ceremony for 12,500-cbm LNG bunker vessel design. LR awards approval in principle to Chinese yard for 12,500-cbm LNG bunker vessel design  

Lloyd’s Register validates new LNG bunkering vessel concept by CSSC Huangpu Wenchong at SMM 2026.
Santiago I vessel. Marflet Marine becomes first Spanish merchant fleet owner to operate wind-assisted suction sails  

Spanish chemical tanker operator installs bound4blue eSAILs, targeting 10–15% energy savings.
Teunis Visser, IBIA. IBIA appoints veteran fuel industry trainer Teunis Visser as advisor  

Association brings on board specialist with nearly 40 years of oil, gas and bunker sector experience.
AiP award ceremony for a 114,000-DWT tri-fuel-ready tanker concept. Lloyd’s Register and MARIC unveil tri-fuel-ready tanker concept at SMM 2026  

New 114,000-DWT tanker design offers conversion readiness for LNG, methanol or ammonia.
TFG Marine mass flow meter (MFM). TFG Marine fits two more US Gulf Coast barges with certified mass flow meters  

TFG Marine expands its mass flow meter rollout on the US Gulf Coast, adding ISO 22192 certification to two supply barges.
Hercules Vanessa vessel. HTM’s Hercules Vanessa begins maiden voyage as Ultra-Spec tanker series expands  

Vessel is the latest addition to Hercules Tanker Management’s 10-ship next-generation fleet renewal programme.
Steel-cutting ceremony for TRAnsverse 2600e vessels. Cochin Shipyard begins construction of Svitzer’s battery-electric tugs in India  

Four TRAnsverse 2600e vessels are claimed to be among the most advanced green tugs under construction globally.
TT-Line Green Ship 2.0 illustration. MacGregor wins ro-ro equipment contract for TT-Line’s battery-hybrid LNG ferries  

Company to supply cargo handling systems for two new LNG-powered ferries destined for Baltic Sea routes.

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