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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.

Closing ceremony of vessel with builder’s hull no. 0315874. LNG dual-fuel crude tanker handed over to Capital  

Jiangsu New Times Shipbuilding delivers the 155,500-DWT LNG dual-fuel crude oil vessel Amor.
Lowina Lundstrom, Gasum. Gasum names Lowina Lundström as vice president, biogas  

Former EIT InnoEnergy executive joins Gasum's management team to lead biogas business development from 1 December.
PIL and Huanghai Shipbuilding contract signing. PIL orders seven methanol-ready feeder vessels from Huanghai Shipbuilding  

Singapore carrier's 1,400-TEU newbuilds will boost intra-Asia capacity and support its 2050 net zero target.
MPA and Qingdao Port work plan signing ceremony. Singapore and Qingdao sign work plan to advance green and digital shipping corridors  

MPA and Shandong Port Group’s Qingdao Port have agreed to pursue methanol bunkering pilots and data-sharing initiatives between the two ports.
Delfin Midstream FLNG unit render. Wärtsilä to supply dual-fuel engines and thrusters for Delfin Midstream's FLNG vessel  

Finnish technology group lands propulsion order for first floating LNG vessel built for US Gulf export project.
Uni-Fuels Logo. Uni-Fuels advertises for senior bunker trader in Dubai  

Nasdaq-listed firm recruiting for its trading team as it aims to drive growth.
Mineral Europa vessel. Green ammonia bunkered to ammonia-powered bulk carrier in Australian first  

Pilbara Ports, Fortescue and CMB.Tech complete a ship-to-ship ammonia transfer at Port Hedland, supporting plans for a clean fuel bunkering hub in the region.
Sea Change II vessel render. US Coast Guard agrees design framework for hydrogen-fuelled New York ferry  

Switch Maritime and Incat Crowther reach regulatory agreement for a 150-passenger hydrogen fuel cell-electric fast ferry intended for New York's waterways.
Auto Advance vessel. UECC fits WE Tech hybrid power systems on newbuild ro-ro vessels  

Norwegian short-sea operator says battery and shaft generator technology from WE Tech Solutions has cut fuel use and auxiliary engine reliance on three newbuilds.
Terra Clove vessel. Envision's green ammonia used to bunker world's first VLAC  

Chinese energy group supplies vessel owned by Eastern Pacific Shipping as it links production and marine fuel supply chains.

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