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Harvey, Libya and Baker Hughes oil rig count

28 Aug 2017 07:27 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Over the weekend, hurricane Harvey raged through the U.S. Gulf coast causing refinery shut-downs in the area. Harvey is allegedly the strongest hurricane hitting Texas in more than 50 years. According to Reuters, around 2 mio. barrels per day of refining capacity is offline due to Harvey. Texas has a 5.6 mio. barrels per day refining capacity. Production and pipelines in part of Gulf of Mexico is also affected. Tomorrow, the weekly oil stocks data from the American Petroleum Institute (API) will be followed closely for reflection of the situation.

Friday's oil rig count from Baker Hughes showed a drop in the number of active drilling rigs of 4 to currently 759. It is the second week in a row with drops in oil rigs after months of almost uninterrupted increases.

In Libya, 2 oil field closed after militants' attacks. The largest oil field in the country, Sharara, remains shut, also due to unrest.

Today is Bank Holiday in the UK. Last week's speeches by central bankers in Jackson Hole did not reveal much news on the timing of an interest rate hike (U.S.)/increase in QE measures (EU).



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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