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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.

Vessels at sea. Dual-fuel container ship and vehicle carrier fleet reaches 400 vessels  

World Shipping Council reports 83% increase in operational dual-fuel vessels during 2025.
Photograph of a blue cargo vessel. Lloyd’s Register publishes first guidance notes for onboard hydrogen generation systems  

Classification society addresses regulatory gap as shipowners explore producing hydrogen from alternative fuels onboard.
Erasmusbrug bridge in Rotterdam. Rotterdam bunker industry faces upheaval as new regulations drive up costs and shift volumes  

Red III compliance costs and a mass flow meter mandate are creating operational challenges across the ARA region.
Neil Chapman, VPS. VPS appoints Neil Chapman as managing director for the Americas  

Maritime services company names industry veteran to lead regional operations and client partnerships.
Oil refinery infrastructure. Maritime industry shifts towards LNG as alternative fuel enthusiasm stalls  

Geopolitical concerns drive shipping leaders to prioritise established fuels over newer alternatives, survey finds.
OceanScore logo. OceanScore reaches $5m annual recurring revenue as emissions compliance demand grows  

Hamburg-based firm supports compliance workflows for more than 2,500 vessels as regulations enter operational phases.
Jiangnan Shipyard LNG carrier construction contract signing. Jiangnan Shipyard secures order for four LNG carriers from Shell  

Chinese yard to build 175,000-cbm vessels for delivery between 2028 and 2029.
Varsha Sudheer, Island Oil. Island Oil appoints Varsha Sudheer as senior trader in Dubai  

Marine fuel supplier strengthens trading platform with new hire at recently established UAE hub.
Bitoil Group logo. Bitoil Group seeks bunker trader for Dubai operations  

Dubai-based company is recruiting for a senior bunker trader role to manage global fuel sales and procurement.
Hiring concept with puzzle pieces and a magnifying glass. Uni-Fuels seeks bunker traders for new London operation  

Singapore-headquartered firm advertises position as part of UK expansion.

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