Sign up
Log in Sign up
This is a legacy page. Please click here to view the latest version.
Mon 19 Nov 2018 08:36

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: 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.

LNG facility at Vestbase in Kristiansund. Molgas and NorSea Logistics reopen LNG facility in Kristiansund  

The reopened facility will supply LNG and bio-LNG to dual-fuel vessels operating in Norwegian waters.
Uyeno Transtech’s oil tanker Kikou Maru. Hydrogen-fuelled tanker achieves top rating in zero-emission programme  

Kikou Maru becomes first coastal vessel to secure financing under DBJ-ClassNK decarbonisation initiative.
TFG Marine participates in ARACON 2025 conference in Rotterdam. TFG Marine calls for ISO 22192 alignment in ARA MFM rollout  

Company urges consistency as Rotterdam and Antwerp prepare mass flow meter implementation.
Singapore skyline with Merlion and central business district. Peninsula renews $400m Singapore credit facility as part of $1.5bn funding capacity  

Bunker supplier extends banking arrangement with eight-bank syndicate, including accordion option.
Elenger Marine's LNG bunkering vessel Optimus alongside Brittany Ferries’ Saint-Malo. Titan delivers first liquefied biomethane to Saint-Malo ferry in Portsmouth  

Optimus tanker supplies Brittany Ferries' vessel with biomethane at UK port.
MOL participates in Ammonia Energy Association Annual Conference 2025. MOL outlines ammonia fuel strategy at Houston conference  

Japanese shipping company discusses terminal acquisition and dual-fuel vessel plans at industry gathering.
Gasum's LNG bunkering vessel Coralius. Gasum highlights how bio-LNG fleet generates compliance surplus  

Energy firm's four gas-powered vessels generate regulatory surplus for pooling service participants.
Monjasa Reformer bunker tanker. Monjasa secures NATO fuel supply contract across five operational areas  

Danish marine fuel supplier wins one-year framework deal with two-year extension option.
Lucia Cosulich keel-laying ceremony. Fratelli Cosulich lays keel for second methanol-ready bunker vessel  

Ceremony held to mark the beginning of the tanker's assembly phase.
GEFO's chemical tanker Gioconda. GEFO bunkers biofuel for first time as Gioconda runs on B100 UCOME  

German shipping company takes maiden step into biofuel bunkering with used cooking oil biodiesel.

↑  Back to Top


 Recommended