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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Crude oil stock build five times higher than expected

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 08 Feb 2017 08:10 GMT

By Michael Poulson, A/S Global Risk Management

The bearish sentiment continued yesterday and Brent oil price is now back in the mid-fifties. Inventories, Chinese data and focus shifting away from geopolitics are some of the causes.

The geopolitical risk premium has stalled as the U.S. /Iran sanctions rhetoric does not seem to escalate further - for now.

The weekly oil stocks report from the American Petroleum Institute last night showed a huge build in crude oil stocks of more than 14 mio. barrels. A build of around 2.5 mio. barrels was expected. Also, the gasoline stocks increased more than expected and is now close to last year's record gasoline stock level. Now this afternoon's EIA (Energy Information Administration) oil inventory report will be followed closely for confirmation/deviation of this trend. Expect huge volatility in connection with the publishing (16.30 CET). Consensus for today's report is a build in crude of 2.5 mio., small builds in distillates and gasoline inventories.

In its monthly report, the EIA estimates an increase in crude oil production of 0.1 mio. barrels per day this year and by 0.5 mio. bpd in 2018. It also forecast a reduction in inventories of aver. 0.1 mio. bpd in 2017 and 0.2 mio. bpd in 2018.

Overnight data pointed to stagnating growth in Chinese oil demand as demand grew at the slowest pace in 3 years. China is the world's largest oil consumer and therefore, slowing demand from the huge country could affect supply/demand 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.






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