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Volatility rules the market

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 11 Aug 2017 08:19 GMT

By Michael Poulson, A/S Global Risk Management

Yesterday was an extremely volatile day in the oil markets with intraday Brent oil price peaking at $53.5 before ending the day around current levels of $51.5. A mix of technical trading and flights into safe haven assets like gold, bonds could be the causes..

Yesterday, the monthly oil market report from OPEC revised global oil demand slightly up for both this year and 2018. The organization also revised global oil supply slightly down for the same periods. According to the report, global oil inventories fell by 21.9M barrels in June; an indication that the current oil production cut agreement between OPEC and non-OPEC is on the right track. The agreement is valid until end of Q1-2018.

Buzzword: backwardation.... Backwardation occurs when the price of a commodities futures contract is lower than the spot price, signaling that demand outpaces supply, and this is currently the case for the Brent futures market.

Tonight, the weekly oil rig count from Baker Hughes will be published. The report is followed closely as it gives an indication of the shale oil drilling activity in the U.S. After months of steep increases in active oil rigs, the number seems to have leveled out in recent weeks.

Turning to economic data, today sees a row of inflation data from both the EU and the U.S.



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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