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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Superstorm Irma heading west

06 Sep 2017 09:07 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Oil prices inch upwards as U.S. refineries are coming back online after Harvey's ravage in the U.S. oil rich areas. At the same time, the strongest hurricane ever recorded over the Atlantic Ocean, Irma, is heading west. It is uncertain if the hurricane will affect oil production on its way.

In Libya, the large Sharara oil field could be reopening soon after the pipeline blockade was lifted yesterday after two weeks of closure. The oil field has the capacity to pump around 300,000 barrels of crude oil per day. Libya, along with Nigeria, is exempt from the current oil production cut deal which is valid until end of Q1 2018. At the next OPEC ministerial committee meeting in Vienna on 22 September regarding compliance to the production cut deal, OPEC has invited the two countries to participate after they have ramped up production considerably since the deal took effect earlier this year.

The geopolitical risk premium remains elevated as tensions over North Korea continues to cause global concern. The sentiment could spill over to oil markets as well.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) is published, one day delayed due to the U.S. Labor Day on Monday. Consensus is a build in crude, likely due to a lot of refinery shutdowns last week. Expect increased volatility if the numbers differ widely.



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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