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Crude oil prices drop on strengthening USD and rising shale output

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 14 Feb 2017 7:36 GMT

By Michael Poulson, A/S Global Risk Management

US equities rose to records highs yesterday as market participants bet on the tax cuts promised by President Trump last week. Dallas FED president expressed that the FED should raise rates soon rather than falling "behind the curve" and needing to raise rates at an accelerated rate in the future.

US government data showed that oil output from shale sites is expected to reach the highest level since May last year. Meanwhile, Saudi Arabia made large cuts to its production in January to boost OPEC/non-OPEC compliance with the curtailments promised last December to 93%. The question is, if we are to put these two together, is there a net decrease or increase? The market shrugged off the latter as it was already priced in and pushed crude oil prices to end the day lower.

According to weekly ICE data, speculations cut net long positions on Brent futures last week by 10,000 contracts as concerns about whether the actions by the OPEC/non-OPEC producers would continue to prop market prices up.

We have oil inventory data due for release post settlement during US trading today.



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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