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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.

AuctionConnect and Asyad Shipping logos. Asyad Shipping adopts AuctionConnect digital bunker platform under three-year deal  

Middle East shipping company to implement auction-based procurement system across fleet operations.
Fuel for thought: LNG for Cruise report cover. LNG remains the most deployable decarbonisation option for cruise shipping, Lloyd’s Register report finds  

Classification society’s latest research examines the fuel’s role in the sector’s energy transition and pathway to net zero.
Dr. Ibrahim Muritala, ABS. ABS engineer to discuss performance-based hydrogen framework at SPE symposium  

Dr Ibrahim Muritala to join panel examining shift from colour-based hydrogen labelling to carbon intensity metrics.
Cosco Shipping Peony vessel. Cosco Shipping completes methanol dual-fuel retrofits on four ultra-large container vessels  

Chinese shipping line retrofits 20,000-teu and 13,800-teu vessels with methanol propulsion systems.
Launching ceremony of Maran Myrto vessel. Chinese yard launches LNG dual-fuel Suezmax  

Crude carrier with LNG propulsion launched in Jiangsu province.
Keel-laying ceremony of a vessel with builder's hull no. 0315846. Keel laid for LNG dual-fuel crude oil tanker  

Chinese yard begins construction on 155,500-dwt vessel with Lloyd’s Register classification.
BW Lesmes alongside Levante LNG vessel. BW LNG vessel completes first gassing-up operation with bunker barge  

BW Lesmes transitions from drydock to cargo readiness using an LNG bunker barge.
Mark Bell, SGMF. LNG marine fuel shows up to 29% emissions reduction in new SGMF study  

Latest life cycle assessment shows improved methane slip control, with well-to-wake reductions of up to 25%.
Michelle McDade, Global Fuel Supply. Blue Energy Partners appoints Michelle McDade as head of operations  

McDade brings more than eight years of bunkering experience to the Oslo-based role.
Person signing a document. Venture Energy signs green methanol supply deal with Shenji Energy  

Hong Kong-based firm to purchase ISCC EU-certified biomass-derived methanol for shipping clients.

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