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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.

Bunker vessel alongside a ship during fuel transfer. Nippon Biofuel secures METI funding for Africa-based marine biofuel supply chain  

Japanese company to establish Jatropha cultivation and biofuel production facilities in Mozambique and Ghana.
Everllence B&W 6G60ME-LGIA HPSCR engine. Everllence’s ammonia-fuelled engine passes factory acceptance test ahead of October delivery  

Engine built by HHI-EMD will power Eastern Pacific Shipping’s very large ammonia carriers.
LPC and Gram Marine launch operations in Cameroon graphic. LPC and Gram Marine launch marine lubricants hub in Cameroon  

Partnership will supply Cyclon and Avin Oil marine lubricants to vessels at West African ports.
Melchior Poszumski, Bunker One. Bunker One expands ULSFO 0.10% supply across northern Germany  

Supplier adds Weser River ports to network, including Bremerhaven, Bremen, Brake, and Nordenham.
Partnership signing between NYK Line, Golden Island and Yara Clean Ammonia. NYK Line, Golden Island and Yara Clean Ammonia sign term sheet for Singapore ammonia bunkering venture  

Three companies agree to explore marketing and supply of low-carbon ammonia fuel in Singapore.
International Maritime Organization (IMO) headquarters. IMO committee to discuss Net-Zero Framework and North-East Atlantic NOx ECA  

MEPC 84 to consider 57 documents submitted for consideration on the reduction of greenhouse gas emissions.
Constantinos Capetanakis, Star Bulk. Capetanakis: Bunker Buyers Working Group not a pricing forum  

Past Chair says aim of working group is to ensure the perspective of buyers is reflected in policy work.
Petronor and H2SITE agreement signing. Petronor and H2SITE to deploy membrane technology for hydrogen separation at Spanish refinery  

Partnership aims to integrate membrane reactor into steam methane reforming process to enhance efficiency.
Peninsula 30 Years graphic. Peninsula marks 30 years of marine fuel supply operations  

Bunker supplier's network now covers more than 50 physical supply ports and 21 commercial offices.
Kurotakisan Maru III vessel. MOL completes world’s first retrofit installation of Wind Challenger sail system on operating coal carrier  

Hard-sail propulsion system installed on Kurotakisan Maru III during service for J-Power coal transport operations.

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