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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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After a volatile day yesterday, oil prices are trending upwards

25 Aug 2017 07:45 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

After a volatile day yesterday, oil prices are trending upwards as market attention turns to hurricane Harvey and the weekly oil rig count.

Hurricane Harvey continues to gain strength and is now aspiring to become the strongest hurricane in the U.S. for many years. Harvey has already caused oil field/refinery closures and evacuations and could therefore potentially affect oil supply - pumping less oil, refining less gasoline and distillates. It will be interesting to see if next week's oil stocks reports will reflect the disruptions.

Nigeria's oil production for July was just below 1.8 mio barrels per day, according to Nigerian oil minister. The oil minister also stated that "we continue to have challenges, some of our pipelines are old..." The country has - like Libya - been ramping up oil production for some months now after years of supply disruptions due to unrest and fighting. Both are exempt from the current oil production cut agreement entered between both OPEC and non-OPEC oil producers. However, the Joint OPEC/non-OPEC committee (JMMC) will likely invite the two countries to the panel meetings next month in Vienna. According to the JMMC, the oil market is moving in the right direction, but the committee is open to an extension of the production cut agreement which expires in Q2-2018.

Turning to the financial markets, we could see additional volatility as central bank managers speak at Jackson Hole. Markets will be looking for hints of timing of interest rate hikes (U.S.) or additional quantitative easing measures (ECB).

Remember, Monday is a bank holiday in the UK, i.e. markets are closed.



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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