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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.

FuelEU Maritime webinar graphic. Bunker Holding webinar to compare FuelEU Maritime compliance costs ahead of 30 April deadline  

Njord-hosted event will examine pooling versus borrowing options using real-world data from the maritime sector.
Singapore waterfront skyline. Oilmar DMCC seeks bunker traders for Singapore office  

Marine fuel trading firm is recruiting mid-level and senior professionals to expand Asia-Pacific marine fuels operations.
Dubai skyline. Oilmar DMCC seeks senior bunker trader for Dubai operations  

Dubai-based energy firm recruits experienced marine fuels trader to expand Middle East portfolio.
Zhoushan Changhong International Shipyard logo. Zhoushan Changhong secures orders through 2029 with LNG dual-fuel container ships  

Chinese shipyard reports full order book as it constructs 19,000-teu vessels for MSC Group.
Century Highway Green vessel. K Line secures long-term bio-LNG supply for car carrier fleet  

Japanese shipping company expects to reduce greenhouse gas emissions by 60,800 tonnes annually.
One Simplicity vessel. Methanol- and ammonia-ready container ship delivered to ONE  

Approval in Principle obtained from Lloyd’s Register for future methanol and ammonia fuel conversion.
Methanol bunker fuel delivery. World Fuel Services and West Coast Clean Fuels launch methanol bunkering across US ports  

First over-the-water methanol delivery completed in South Florida with Coast Guard-approved procedures.
Valerie Ahrens. Burando Energies appoints Valerie Ahrens as global head of methanol  

Ahrens brings more than 30 years of energy sector experience to the marine fuels supplier.
New Sea Generation (NSG) logo. New Sea Generation seeks junior bunker trader in Greece  

Greek bunker firm advertises role requiring commitment to demanding work schedule and operational responsibilities.
Person signing a document. IINO Lines secures sustainable shipping finance for methanol dual-fuel VLCC  

Japanese shipowner signs impact financing agreement with Mizuho Bank for alternative-fuel tanker.

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