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





Same same, but more

19 Jun 2017 11:35 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Bearish sentiment continues to prevail. Plenty of oil in the market despite OPEC/non-OPEC attempts to cut production. U.S. oil production continues to pick up along with the number of active rigs.

Friday, the weekly oil rig count from Baker Hughes showed that 6 oil rigs were added in the U.S. and the total number of active oil rigs is now 747, around 2-year high. It is the 22nd week in a row that oil drillers add rigs. The number of rigs have more than doubled compared to a year ago where the number was 337 (17/6-2016).

Japanese oil imports fell by 13.5% in May, compared to a year ago. India imported around 4.2% less oil than the same time a year ago. Also, the world's largest oil importer, China, sees slowing oil demand growth. Combined with the IEA's report anticipating a supply growth of 585,000 barrels per day in May, market sentiment seems bearish. Next important oil data release is tomorrow, when the American Petroleum Institute (API) publishes its weekly oil stocks data.

Turning to economic data, today is thin on potential market movers. Later this week, U.S. housing data (Wednesday), ECB economic bulletin (Thursday), a row of global manufacturing PMIs (Friday) are published.



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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