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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.

Uni-Fuels Logo. Uni-Fuels appoints general manager for new Houston operation  

Experienced professional Robert Love aiming to expand the company’s presence in the United States.
Two people shaking hands with 'Join our team' text overlay. Sing Fuels hiring junior supply trader for Singapore operations  

Role aimed at candidates with one to two years of experience in marine fuels or the wider maritime industry.
Simaisma vessel. Exmar takes delivery of LNG carrier to serve the bunkering market  

Vessel to be convered into a floating transshipment unit for specialised LNG bunkering vessels to load fuel.
Svitzer Nobbys vessel render. Svitzer signs contract with India’s SDHI for four biofuel-ready TRAnsverse tugs  

Four 32-metre TRAnsverse 3200 tugs ordered from Gujarat-based shipbuilder.
Petrobras logo. Petrobras launches barge supply operations at the Port of Suape  

Supplier has begun VLSFO and LSMGO barge deliveries at the Brazilian port following receipt of final operational licences.
Forty-Two G vessel. Hagland Shipping takes B100-capable Damen CF 3850 on time charter from Reederei Gerdes  

Norwegian dry bulk operator adds short-sea vessel with the ability to operate on B100 biodiesel.
MSC Stella M X naming and delivery ceremony. Chinese shipyard delivers LNG dual-fuel container ship to MSC 301 days ahead of schedule  

Zhoushan Changhong sets new early-delivery record for its series of LNG dual-fuel boxships.
Valiant Lady connected to the shore power system. Portsmouth International Port makes first commercial shore power connection with cruise ship  

Virgin Voyages’ Valiant Lady plugs into Portsmouth International Port’s shore power system, with two ships connected simultaneously.
Philippos Ioulianou, EmissionLink. EmissionLink calls for fairer EU ETS expansion and greater reinvestment in maritime decarbonisation  

Emissions compliance specialist warns that broader coverage alone will not deliver practical decarbonisation.
Peninsula and Evos logo. Peninsula and Evos sign MoU to develop biofuel storage at Algeciras terminal  

Partnership aims to develop up to 60,000 cbm of dedicated biofuel storage capacity at the Strait of Gibraltar.

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