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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.

Fuel for thought: Hydrogen report cover. Lloyd's Register report examines hydrogen's potential and challenges for decarbonisation  

Classification society highlights fuel's promise alongside safety, infrastructure, and cost barriers limiting maritime adoption.
Bureau Veritas and Straits Bio-LNG sign MoU. BV Malaysia partners with Straits Bio-LNG on sustainable biomethane certification  

MoU aims to establish ISCC EU-certified biomethane production and liquefaction facility in strategic alliance.
Molgas Energy logo. Molgas becomes non-clearing member at European Energy Exchange  

Spanish energy company joins EEX as it expands European operations and strengthens shipper role.
Yiannis Diamandopoulos, Elinoil. Diamandopoulos appointed CEO of Elinoil as Aligizakis becomes chairman  

Greek marine lube supplier announces leadership changes following board meeting on 5 January.
Sustainable Marine Fuel Services webinar hosted by BV graphic. Bureau Veritas to host webinar on sustainable marine fuel transition challenges  

Classification society to address regulatory compliance, market trends, and investment strategies in February online event.
Inchcape Shipping Services logo. Inchcape to provide bunkering services from new Indonesian offices  

Port agency establishes presence in key bulk and tanker operation hubs handling 150 calls annually.
CPN launch of B100 marine biodiesel supply in Hong Kong graphic. Chimbusco Pan Nation launches B100 biodiesel supply in Hong Kong  

Bunker tanker Guo Si becomes Hong Kong's first Type II certified vessel for pure biodiesel operations.
Vox Apolonia vessel. Van Oord completes Dutch beach replenishment using 100% bio-LNG  

Dredger Vox Apolonia deposited 1 million cbm of sand at Noord-Beveland beach under Coastline Care programme.
Delivery ceremony of the Ocean Explorer vessel. Sallaum Lines takes delivery of LNG-fuelled car carrier MV Ocean Explorer  

The 200-metre vessel was built by Fujian Mawei Shipbuilding with dual-fuel propulsion systems.
Graphic of TFG Marine bunkering operations expansion in the Strait of Gibraltar. Vilma Oil Med expands Ceuta bunkering operations with biofuel capability  

TFG Marine subsidiary increases storage to 120,000 cbm and adds IMO II chemical tanker.

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