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Another whopping draw in U.S. crude oil inventories

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 10 Aug 2017 08:01 GMT

By Michael Poulson, A/S Global Risk Management

The weekly oil inventory report from the Energy Information Administration (EIA), published yesterday, showed another whopping draw in crude oil stocks. The draw did not quite surpass Tuesday's API report of a 7.8M barrel-draw, but was way higher than consensus with a 6.4M barrel-draw. Distillates showed a 1.7M barrel-draw, but gasoline inventories showed a 3.4M barrel build, which differed widely from the expected 1.5M barrel-build. Refiners ran almost 17.6M barrels of crude which is a record high. All in all, the report was basically bullish, but the gasoline build limited the oil price gain somewhat and Brent oil price remain around the $52 area.

Libya's large oil field Sharara is back into production after a period of disruption. The country is now producing more than 1M barrels per day (July).

Later today, the monthly oil market report from OPEC will be published, it will be interesting to read the cartel's opinion on the oil market development in the coming period; including demand/supply balance.

Turning to economic data, today sees U.S. PPI inflation data and weekly U.S. Jobless Claims. In addition to this FED's Dudley will speak. This morning, UK manufacturing production along with trade balance is 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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