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.

Flex Commodities logo. Flex Commodities seeks operator for bunker trading operations  

Candidates should have three to five years of relevant bunker or commodity trading operations experience
Glander International Bunkering logo. Glander International Bunkering seeks bunker trader for Valencia office  

Role open to sales professionals regardless of prior oil industry experience.
Frankie Russ vessel. TB Marine takes over technical management of methanol-ready tanker  

Newbuild MT Frankie Russ is first tanker in Ernst Russ's fleet.
AiP award ceremony for ecoAPEX cargo-handling technology. Lloyd’s Register grants approval in principle to Babcock LGE’s ecoAPEX cargo-handling technology  

New integrated system for gas carriers targets lower emissions and reduced reliquefaction energy consumption, with LR approval confirming its potential.
Lloyd's Register (LR) and K Shipbuilding MoU signing. K Shipbuilding and Lloyd’s Register to jointly develop ethanol-fuelled tanker design  

The pair will assess an ethanol-fuelled 50,000 dwt MR tanker, targeting Approval in Principle from LR.
AiP award ceremony for methanol-fuelled catamaran concept. Bureau Veritas grants approval in principle for methanol-fuelled catamaran concept  

Classification society backs O.S. Energy and Chartwell Marine’s fuel-system design for an aluminium vessel developed under a UK decarbonisation programme.
LNG carrier render. Wind propulsion offers 'no fundamental barriers' for LNG carriers, study finds  

Bound4blue’s research with Cryosafe Services concludes that wind-assisted propulsion can be integrated into LNG carrier operations without major obstacles.
Bureau Veritas grants AiP to Hudong-Zhonghua. Bureau Veritas grants AiP to Hudong-Zhonghua for new LNG carrier and VLGC designs  

Classification society approves two gas carrier designs featuring next-generation containment systems and dual-fuel propulsion capabilities.
Guanabara Bay FSRU. Petrobras signs 20-year LNG supply deal with Sempra Infrastructure  

Brazilian state oil company will purchase 0.8 mtpa of LNG from a Texas liquefaction terminal for two decades.
Launching ceremony of Amor. LNG dual-fuel crude oil tankers launched for Maran and Capital Ship  

Two 155,500-DWT vessels launched by New Times Shipbuilding in China.

↑  Back to Top


 Recommended