BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Oil up despite bearish oil stocks report

12 Jan 2017 08:32 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

The weekly oil inventory report from the EIA showed huge builds. Crude, distillates and gasoline stocks increased way above expectations - see details below. Total crude oil stocks are now 483.1 mio. barrels. However, the bearish news was overshadowed by a weaker dollar and Saudi production cut news - leading to higher oil prices.

Release: EIA oil data (Consensus)
Crude: 4.100M barrels (1.162M)
Distillates: 8.360M barrels (0.899M)
Gasoline: 5.020M barrels (1.638M)
Refinery utilization: 1.6%

Allegedly, Saudi Arabia cut exports to Asian and Indian buyers - market took this as a sign of compliance with the agreed OPEC production cut. OPEC latest survey indicates a drop in total OPEC member production in December of 280,000 barrels per day, mainly due to drops in Saudi and Nigerian oil production. December production was 32.85 mio. barrels per day, versus November's 33.13 mio. bpd.

President-elect Donald Trump held his first press conference yesterday after the election. However, the speech did not reveal any specific details to the timing or scope of his policies and as a consequence, the dollar fell. Inauguration will take place next week (20 January) where he will hold another speech.

Turning to economic data front, today sees a couple of Fed member speeches along with euro zone industrial production and ECB Account of Monetary Policy Meeting; overnight, Chinese trade balance.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.




Related Links:

A/S Global Risk Management Ltd.

Latest News:

Hyundai, KSS Line ink deal to retrofit ships with scrubbers
ECSA rues port and cargo support for EU ETS
First LNG bunker delivery completed in Fremantle
Oil prices steady despite U.S. oil rig increase
Oil and fuel oil hedging market update
Cepsa starts selling 0.1% ULSFO in Algeciras Bay
Viking Line reports drop in bunker costs, income
Odfjell posts lower net bunker costs, higher average price
Oil and fuel oil hedging market update
Potential extension of oil production cut deal
Vopak posts EUR 326.1 net profit in 2016
Vopak to build Gauteng terminal, expand in Durban




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
Directory
Africa
Asia
Central America
Middle East
North America
North Europe
Oceania
South America
South Europe
Directory
Germany
Gibraltar
Greece
Hong Kong
Italy
Japan
Netherlands
Panama
Russia
Singapore
South Africa
South Korea
Spain
Turkey
United Arab Emirates
United Kingdom
United States
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Events
Upcoming Events