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Mixed oil market news continues and Brent remains around $52

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 Aug 2017 09:17 GMT

By Michael Poulson, A/S Global Risk Management

During the latest month both API (American Petroleum Institute) and EIA (Energy Information Administration) have reported heavy draws in U.S. crude inventories. Additionally the US rig count has leveled its former rapidly climbing tendency and Saudi Arabia has pledged to cut exports to Asia cut exports to Asia during August. Also, hedge funds and other money managers have increased their long positions according to Reuters.

Currently an OPEC/non-OPEC meeting in Abu Dhabi, concerning the compliance rates, is ongoing and will end today. Whatever outcome, by looking at history, it is questionable if high compliance rates will be sustained in the longer term. In short term, though, it is likely that if some consistent solution is presented following the meeting, it could lead to volatility.

Turning to the US shale producers; the leveling of the rig count growth could likely be due to a lag in increasing/decreasing operational rigs vs. the price of crude oil. As the price has climbed steadily during the last month, shale oil producers could likely be looking to increase production.

Libya and Nigeria have shown increasing outputs. Even in spite of the latest incident in Libya's Sharara oilfield, production is up and running.

Later today API will release the US crude stock report revealing if the declining tendency is sustained.



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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