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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.

Ammonia Energy Association (AEA) logo. AEA qualifies global roster of auditors for ammonia certification system  

Bureau Veritas, DNV, TÜV SÜD and three others cleared to verify low-emission ammonia credentials.
New York city skyline. IBIA early-bird registration deadline approaches for New York convention  

Discounted rates available for members and non-members up until the end of August.
MARAD and Core Power MOC signing. MARAD and Core Power sign cooperation framework to advance nuclear-powered merchant ships  

Agreement targets first construction from 2028 as China accelerates its own nuclear shipping ambitions.
DNV and GEA logos. GEA and DNV launch three-year ethanol data intelligence partnership  

Collaboration will integrate structured global ethanol production data into DNV’s Alternative Fuels Insight platform.
VPS logo. Perfect storm at sea: High bunker prices meet declining fuel quality | Steve Bee, VPS  

VPS highlights sharp drop in fuel quality during 2026 amid higher prices.
Koper waterfront. SUPERALFUEL to hold first alternative marine fuels training course in Koper  

The Adriatic-Ionian initiative targets hydrogen, ammonia and methanol adoption in ports and shipping.
Steel-cutting ceremony of vessels with builder's hull nos. S1159 and S1160. CIMC SOE cuts steel on third and fourth 20,000-cbm LNG bunker vessels for GSX Energy  

Chinese shipbuilder advances series build as two hulls enter construction simultaneously.
Pennsylvania skyline. Sunoco seeks bunker trader in US to drive marine fuels growth  

New hire will be tasked with expanding Sunoco's bunker business in front-line commercial trading role.
Brooklyn Bridge and New York City skyline. Minerva Bunkering recruiting Americas sales manager as it targets regional growth  

New York-based manager is sought to build customer base across North and South America.
Marine battery container. AYK Energy to unveil swappable containerised marine battery system at SMM Hamburg  

The system claims to remove key cost and engineering barriers to marine electrification.

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