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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.

Aerial view of container vessel at sea. Seaspan and Technolog unveil LNG feeder design with four-week ammonia conversion pathway  

Lloyd’s Register grants approval for a 3,370 TEU vessel concept designed for swift transition to zero-carbon fuel.
David Foo, MPA. Singapore’s MPA backs LNG as part of multi-fuel strategy for shipping decarbonisation  

Authority emphasises regulatory frameworks and workforce development as sector navigates geopolitical uncertainty and energy transition.
ABS and PIL sign MoU. ABS and PIL partner on book-and-claim emissions verification  

Classification society to verify fuel consumption and emissions data for shipping line’s alternative fuel claims.
Biofuel bunkering at Port of Açu. Vast completes first biofuel bunkering of tugboat at Brazil’s Port of Açu  

Be8’s BeVant biofuel claims up to 99% CO₂ reduction versus conventional marine diesel.
China’s Da Qing 268 vessel. Ningbo-Zhoushan Port completes first ship-to-ship green methanol bunkering  

Zhejiang province port facility delivered 503 tonnes of methanol to a container ship in one hour.
Ole Sloth Hansen and Arne Lohmann Rasmussen. KPI OceanConnect launches podcast series on bunker markets and geopolitical risk  

Marine fuel supplier debuts audio series examining commodity markets, trade route disruptions and Middle East tensions.
Auramarine biofuels webinar. Auramarine to host webinar on biofuels as a marine decarbonisation solution  

Finnish firm's May event will explore current biofuel options and integration strategies for vessels.
Thomas Bondesen, Christian Ramsdal and Jeanette Rathje, Malik Group. Malik adds bunker trader, technology head and canteen worker  

Danish marine fuels group expands team with three appointments across commercial, technical and operational functions.
Marine Money 2026 forum. AET outlines multi-fuel decarbonisation strategy at Marine Money 2026  

Tanker operator highlights innovative commercial arrangements with charterers to share decarbonisation risks and rewards.
Titan Optimus alongside Peony Leader vessel. Titan Clean Fuels completes first FuelEU Maritime pooling exercise with DNV verification  

Pool included several hundred vessels, with LNG and biomethane helping balance compliance deficits.

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