Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
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.

World Fuel logo. World Fuel seeks marine lube operations and sales executive in Greece  

US firm is recruiting for a commercial role focused on marine lubricants, based out of its Glyfada office.
ECSA Parliamentary Breakfast event. European shipowners call for fuel supplier mandates and ETS revenue investment ahead of policy revision  

Industry body urges EU policymakers to redirect carbon revenues into clean marine fuel production.
Coral Energy vessel at Klaipeda LNG terminal. Gasum secures LNG terminal capacity at Klaipėda through 2040  

Nordic energy company locks in long-term LNG supply access to serve northwestern European markets.
Torm Corrido vessel. Chimbusco Pan Nation extends B100 biodiesel bunkering to oil tankers as quarterly volumes triple  

Hong Kong bunker supplier CPN says Q2 B100 deliveries have exceeded Q1 totals by more than 300%.
TMD Energy Limited logo. TMD Energy extends bioenergy MOA with Double Corporate by two years  

Malaysian bunkering firm seeks to advance waste-to-energy marine fuel collaboration in EU and Asian markets.
Antwerpen vessel. Exmar takes delivery of world’s first dual-fuel ammonia oceangoing vessel  

Belgian shipowner Exmar has taken delivery of what it says is the first oceangoing vessel powered by a dual-fuel ammonia engine.
Seaglider vessel render. MOL and JAL partner with Lloyd’s Register and REGENT to advance Seaglider certification in Japan  

Four organisations join forces to establish regulatory pathways for electric wing-in-ground craft ahead of a targeted 2030 commercial launch.
Geoff Wagner and Byung-Hun Kwon. ABS and HD Hyundai entities secure battery hybrid approval for 16,000-teu container vessel  

Approval in principle issued for electrical design of ultra-large container ship at Posidonia.
Steel cutting ceremony of vessel with builder's hull no. H1955A. Keel laid for world’s largest LNG carrier at China’s Hudong-Zhonghua shipyard  

Construction begins on a 271,000-cbm QC-Max vessel, the largest LNG carrier ever built.
Mercedes Pinto vessel truck-to-ship (TTS) bunkering. Port of Las Palmas completes first LNG bunkering operation  

Baleària Canarias’ new fast ferry receives LNG via tanker truck in milestone delivery.

↑  Back to Top


 Recommended