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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.

Caroline Yang, Diana Mok and Francois-Xavier Accard, IBIA. IBIA appoints three new members to Asia regional board  

Caroline Yang, Diana Mok and Francois-Xavier Accard join the board following unanimous approval.
Reimei vessel. MOL achieves 98% methane slip reduction in LNG-fuelled vessel trials  

Japanese shipping company exceeds target in demonstration trials aboard coal carrier operating between Japan and Australia.
Seaside LNG logo. Seaside LNG expands C-suite with four industry veterans  

Houston-based firm appoints new leadership team as LNG bunkering market projected to reach $15bn by 2030.
International Maritime Organization (IMO) headquarters. ICS calls for swift adoption of global regulatory framework  

Secretary general notes MEPC discussions were constructive, but that many member states were still not in a position to adopt the framework without further changes.
WSC quote on maritime discussions. WSC welcomes 'constructive engagement' on global emissions reduction measure  

The liner industry has invested $150bn in dual-fuel ships, but emissions reductions depend on a global framework, notes WSC CEO.
MEPC 84 session. IMO committee agrees intersessional work to rebuild consensus on emissions framework  

Two meetings scheduled before December session as members seek convergence on mid-term greenhouse gas measures.
Map showing existing and planned Emission Control Areas (ECAs). IMO adopts Northeast Atlantic ECA covering waters from Portugal to Greenland  

New ECA to enter into force in September 2027, connecting existing European zones with Canadian Arctic waters.
Renewable and low-carbon methanol project pipeline chart as of April 2026. Renewable methanol project pipeline reaches 61 MMT as China groundbreakings accelerate  

GENA Solutions reports pipeline growth despite concerns over construction readiness for Chinese projects.
Rendering of a diesel-electric chemical tanker. Berg Propulsion to supply propulsion system for Akdeniz-built chemical tanker  

Turkish shipyard Akdeniz orders diesel-electric propulsion package for an 8,000-dwt vessel destined for Transka Tankers.
Ningyuan Diankun vessel. China Classification Society certifies 740-teu pure-electric container ship  

Ning Yuan Dian Kun features battery-swapping capability and is claimed to eliminate 1,462 tonnes of CO2 annually.

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