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.

Petrobras and Transpetro signing ceremony. Petrobras and Transpetro order 41 vessels worth $470m for fleet renewal  

Brazilian state oil companies contract gas carriers, barges and pushboats from domestic shipyards.
European Commission headquarters. EU proposes phase-out of high-risk biofuels from renewable energy targets by 2030  

Draft regulation sets linear reduction trajectory starting in 2024, with contribution reaching zero by end of decade.
Vessel with H2SITE ammonia cracking system. H2SITE launches Norwegian subsidiary to advance ammonia-to-power technology for maritime sector  

Spanish technology firm establishes Bergen hub to accelerate deployment of ammonia cracking systems for shipping.
CMA CGM Monte Cristo vessel. CMA CGM names 400th owned vessel as methanol-fuelled containership  

French shipping line reaches fleet ownership milestone with 15,000-teu dual-fuel methanol vessel.
Methanol bunkering operation at Yantian Port. Wah Kwong adds China’s first dual-fuel methanol bunkering vessel to managed fleet  

Da Qing 268 completed maiden operation at Shenzhen’s Yantian Port on 21 January.
Tomas Harju-Jeanty and Kalle Härkki. Sumitomo SHI FW licenses VTT syngas technology for sustainable fuels plants  

Agreement enables production of green methanol and SAF from biowaste for global gasification projects.
Hydromover 1.0 vessel. Yinson GreenTech launches upgraded electric cargo vessel in Singapore, expands to UAE  

Hydromover 2.0 offers increased energy storage capacity and can be fully recharged in under two hours, says designer.
Nildeep Dholakia, Island Oil. Island Oil appoints Nildeep Dholakia as senior trader in Dubai  

Marine fuel supplier expands Dubai team as part of regional growth strategy.
Wind-assisted LNG carrier AIP certification ceremony. Dalian Shipbuilding's wind-assisted LNG carrier design receives Bureau Veritas approval  

Design combines dual-fuel propulsion with foldable wing sails to cut emissions by 2,900 tonnes annually.
Dual naming ceremony of the GH Angelou and GH Christie vessels. Anglo-Eastern adds two methanol-ready Suezmax tankers to managed fleet  

GH Angelou and GH Christie were christened at HD Hyundai Samho Shipyard on 5 January.

↑  Back to Top


 Recommended