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.

Proteus Supply and Trading and Propeller Fuels logo. Propeller Fuels and Proteus Supply and Trading form commercial partnership to expand Americas coverage  

US-based Proteus and UK-based Propeller Fuels unite operations across the Americas and beyond.
Kasif Kalkavan vessel. Turkon Line’s LNG-powered Kaşif Kalkavan makes maiden call at Marport  

Türkiye’s largest domestically built LNG-fuelled container ship has docked at Marport for the first time.
Vinoth Kumar, Flex Commodities. Flex Commodities appoints Vinoth Kumar as general accountant  

Dubai-based bunker trader strengthens finance team with new accounting hire.
Kota Elok vessel. PIL's first LNG dual-fuel boxship receives cybersecurity certification on Singapore maiden call  

Pacific International Lines' 13,000-teu vessel Kota Elok becomes the first PIL ship certified to IACS cyber-resilience standards.
Princess cruise ship. Wärtsilä and Carnival Corporation sign 8-year lifecycle agreement for LNG-fuelled cruise vessels  

Deal covers four vessels across the Princess Cruises and Carnival Cruise Line fleets.
Antwerpen vessel. Exmar vessel completes first commercial voyage on ammonia dual-fuel  

Antwerpen sailed from China to India using ammonia in dual-fuel mode during commercial service.
Keel-laying ceremony of vessel with builder's hull no. CHB3016. Changhong International launches ninth LR2 tanker in Navios series  

Vessel includes future methanol and LNG conversion capability as well as shore power provision.
ECSA logo. European shipowners back EU ETS revenue earmarking but warn proposal falls short on clean technology support  

ECSA welcomes fuel support and revenue earmarking but calls for broader technology eligibility and a clear IMO withdrawal clause.
World Shipping Council logo. WSC backs EU ETS fuel revenue reinvestment but warns over port competitiveness rules  

The World Shipping Council welcomes proposed ETS fuel mechanism changes but flags concerns over neighbouring port proposals.
Green methanol bunkering vessel render. Western Baltic Engineering unveils green methanol bunkering vessel concept for Klaipėda  

Concept vessel design features an 800-tonne capacity and annual supply potential of 250,000 tonnes.

↑  Back to Top


 Recommended