Market Briefing

Mon 21 Mar 2016, 07:20 GMT

Oil goes on rollercoaster ride.

Oil goes on rollercoaster ride

Crude oil prices spiked around noon LDN time reportedly on news that militants in Algeria attacked a gas plant operated by Sonatrach, BP and Statoil. No damage or casualties were reported but the facility was shut down as a safety precaution.

Baker Hughes released its weekly oil rig count. Total rigs in the US fell by 4 to 476 comprised of -5 gas rigs and +1 oil rigs. This was the first weekly gain since December 2015. Crude prices came off at the time of data release. It was an equally sharp retracement to bring prices closer to the day's closing level.

The USD Dollar Index ended up higher after sliding 2.55% in two days post FOMC meeting and news. This possibly added to the retracement in oil prices on Friday.

Data from the US CFTC showed that speculators increased their net long positions in WTI futures and options by 25 percent, making it the 4th week of higher net longs.


		Lloyd’s Register delivers fleet-wide energy transition roadmap for TMS Tankers LR Advisory maps vessel-level compliance risk and decarbonisation pathways across the Greek owner’s tanker fleet.

		GCMD shares biofuel assurance and green finance insights at Hong Kong shipping decarbonisation forum The Global Centre for Maritime Decarbonisation presented pilot findings on biofuels and energy efficiency financing.

		Maersk conducts large-scale ethanol bunkering trial on Laura Maersk in Rotterdam A.P. Moller – Maersk has conducted a barge-delivered ethanol bunkering operation as part of ongoing fuel trials.

		MOL Techno-Trade completes first LNG bunkering for international cruise ship in Hokkaido Truck-to-ship LNG operation at Hakodate marks first such supply to an international cruise vessel in Hokkaido.

		Acta Marine takes delivery of methanol dual-fuel CSOV Acta Gemini for RWE wind farm charter The vessel will support operations at the Sofia Offshore Wind Farm at Dogger Bank.

		Malik Supply expands Danish team with bunker trader and finance hire Danish bunker supplier Malik Supply adds two new staff across its Fredericia and Aalborg offices.

		HJSC wins AiP for 10,000-teu biofuel-powered container ship design South Korean shipbuilder HJ Shipbuilding & Construction receives classification society approval for its biofuel vessel design at Posidonia.

		Capital Clean Energy Carriers takes delivery of LNG carrier and dual-fuel gas carrier, secures five new charters Athens-based CCEC expands its fleet and pushes contracted revenue backlog to $3.1bn.

		Fuel quality management for vessels in extended idle: Arabian Gulf, Gulf of Oman and adjacent anchorages \| Rahul Choudhuri, VPS Managing fuel quality deterioration following the closure of the Strait of Hormuz.

		Agastya Green Fuels signs 250,000 t/yr e-methanol offtake deal with Sri Lanka’s SAR Group Indian producer and Sri Lankan maritime firm agree long-term green methanol supply partnership.