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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Sentiment of ample supply remains, ignoring Harvey, Libya

01 Sep 2017 07:22 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Brent oil price dived towards the $50 area yesterday, but failed to pass the level and is now likely heading towards the next technical resistance of $52.8-53.5. Key support is around $51.5. Labour Day in the U.S. on Monday could spur increase in gasoline demand. The long weekend marks the end of the summer driving season.

Markets are awaiting a couple of economic pointers e.g. the U.S. nonfarm payrolls for indication of the financial state of the huge country and hence a potential interest rate hike coming up.

With Harvey fading away, hurricane Irma could be next in line. The U.S. oil refineries along with some oil production has been heavily affected by Harvey and product prices have increased as fears of shortage have emerged.

Turning to OPEC, Libya oil output remains disrupted due to civil unrest and according to a Reuters survey, the organisation's production dropped by 170,000 barrels per day in August to 32.83 mio. barrels per day. Iran and Saudi Arabia have curbed output and OPEC's compliance to the ongoing oil production cut agreement is around 89%. Libya's oil production is allegedly reduced by over 350,000 barrels per day.

Tonight, the weekly oil rig count from the U.S. is released. The last weeks have shown drops in the number of active drilling rigs so the data will be watched closely.



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.


Image: Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management




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