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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.

Flex Commodities office in Dubai. Flex Commodities moves Dubai head office to Jumeirah Lakes Towers  

UAE-based firm relocates to waterfront community popular amongst bunker companies.
Echandia Core marine battery system. Echandia: Batteries offer fuel savings by optimising generator loads on large vessels  

Marine batteries could cut auxiliary generator fuel consumption by up to 15%, according to technology firm.
Palermo LNG facility. Amazónica LNG joins SEA-LNG, extending the coalition’s reach into Latin America  

Colombian LNG terminal operator becomes first South American member of the multi-sector industry group.
Launching ceremony of Priority. Hong Lam Marine launches first of four newbuild bunkering vessels  

First ship in the series, Priority, is launched in Jiangmen, China.
CMA CGM Osmium ship-to-ship (STS) bunkering operation. CMA CGM completes world’s largest single-batch biomethanol bunkering at Shanghai  

8,016-tonne operation said to be enough to fuel an entire transoceanic voyage.
ClassNK logo. ClassNK revises alternative fuels guidelines to address hydrogen, methanol and ethanol safety requirements  

Updated guidelines incorporate IMO hydrogen rules and new structural standards for alcohol fuel tanks.
CMA CGM containership. MacGregor wins cargo handling contract for six LNG-powered boxships at Cochin Shipyard  

CMA CGM container vessels are scheduled for delivery between 2029 and 2031.
KRATT vessel. Estonia launches biomethane-battery workboat for state fleet  

38-metre KRATT is said to be the first vessel of its kind in the region.
YM Willpower bunkering operation via SIMOPS. Yang Ming completes first LNG SIMOPS bunkering for YM Willpower in Shanghai  

Dual-fuel boxship receives 2,000 tonnes of LNG during simultaneous cargo operations.
Chris Kruger, AYK Energy. AYK Energy and Gebhard Electro secure two vessel electrification contracts  

A new dredger and a patrol vessel retrofit form the latest battery projects for the duo.

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