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Harvey hits for the second time: oil prices seem to be heading lower

31 Aug 2017 09:17 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Louisiana was the primary target of Harvey as the tropical storm once again turned against shore.

Louisiana is an area known for being home to a large part of U.S. refining capacity and currently around 25% is closed due to Harvey's raging, i.e. about 4 mio. barrels per day. The situation has led to surging gasoline prices and increase of gasoline imports from Europe.

Yesterday, the weekly EIA inventory report showed a 5.4 mbbl draw in U.S. crude inventories which is about the same magnitude as API (American Petroleum Institute) reported on Tuesday. Following the release, both WTI and Brent prices dropped. A reason for this could be the reduced remand from the U.S. refineries due to the closures. Some of these refineries were not supplied only by U.S. crude oil but crude from Saudi Arabia, Iraq, Mexico and Venezuela as well, which are crudes usually sold as Brent.

A row of global macro-figures is on the agenda this week. Some U.S. figures have already been published pointing to improving economic growth (potentially leading to increased oil demand). Among others the Q2 GDP and ADP nonfarm employment change. Overnight, Chinese Manufacturing PMI for August improved from 51.4 in July to 51.7 in August. Financial markets are eying this afternoon's U.S. housing data and tomorrow's official nonfarm payrolls.



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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