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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brent crude oil remains in tight trading range around $52: where to go from here?

09 Aug 2017 09:06 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

The extraordinary OPEC meeting, which ended Tuesday, concluded in a statement from its participants expressing support to the system monitoring the cuts, though with Iraq complaining about OPEC using wrong estimates to monitor their compliance. The meeting was arranged as compliance to the production cut lately has been observed rather low from some members.

Yesterday's weekly API crude stock estimates showed a rather large draw of 7.84 million barrels of crude, which adds to the trend during the driving season. The true force of this trend will be revealed when the driving season wears off. Later today, the EIA releases the US crude stock report and volatility is likely to occur around the release.

The EIA released a likely bearish statement yesterday as they increased the average US crude production forecast of 2018 by 10 kbpd. By comparison the estimate of 2017 is 9.35 mbpd.

The OPEC statement is likely not going to change compliance rates much in middle to long term, and the EIA adjustment is likely not going to influence short term prices.



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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