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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





Bye bye Harvey

05 Sep 2017 08:15 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

U.S. refineries and pipelines are reopening after Harvey's sweep through the oil-rich parts of the country. This is reflected in the gasoline price as well as gasoline futures as they dropped remarkably. Gasoline prices returning to pre-Harvey level is a sign of decreasing uncertainty in the gasoline supply. In addition, the driving season officially ended on Monday, which marks a period with historically decreasing demand, possibly concluding in gasoline prices lower than pre-Harvey levels. But still there are closed refineries and the general picture in southern US is that the oil industry is not yet back to be 100% functioning. Gasoline prices are therefore expected to be above a pre-Harvey level throughout today.

The weekly oil stocks stats from API and EIA are postponed one day because of the US Labor Day, meaning that the market is yet to find out what impact Harvey has had on inventory stocks.

Libya oil output remains disrupted, with around 350,000 barrels per day reduction due to blocked pipelines and oil field closures.

Turning to economic data, U.S. macro figures were released last week, showing a mostly bullish development as the GDP and PMI figures were up despite non-farm payrolls and private non-farm payrolls below expectations.



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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