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Crude closed lower despite EIA stats showing the largest draw on crude stocks in 10 months

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 13 Jul 2017 07:12 GMT

By Michael Poulson, A/S Global Risk Management

The US EIA released its data for crude, distillates and gasoline inventories for last week. It showed a draw of 7.6m, a build of 3.13m and a draw of 1.65m barrels respectively. However, we had the US API releasing its estimates post settlement the day before, and when the market opened, a large move up was already registered. Perhaps the market could have focused on the slightly lower refining utilisation of 0.90% vs the previous week's 1.1%. Or the lackluster gasoline demand despite the US being in the middle of the so-called driving season. Whatever the case might be, Brent closed lower to end the day at $47.35 after reaching a high of $48.39.

Another factor that likely could have weighed on prices were some comments made by OPEC about the market being in a state of surplus during 2018. OPEC oil production jumped in June, despite the cuts being extended for another nine months. Libya and Nigeria, who are exempt from the cuts, have also raised outputs to record levels in recent times.



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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