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Oil prices continue to increase and Brent is now in the mid-fifties

By A/S Global Risk Management.



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


Updated on 08 Sep 2017 07:48 GMT

By Michael Poulson, A/S Global Risk Management

Yesterday's weekly oil inventory report from the Energy Information Administration (EIA) showed a huge build in crude oil stocks of 4.5 mio. barrels, which was more or less in line with Wednesday's API oil stocks data (2.7M barrel-build), draws in distillates and gasoline stocks. It was the first build after 10 weeks of declines in crude inventories. As Harvey closed around a quarter of the refineries in the oil rich areas, this did not come as a surprise. Operations are still not completely up and running, so the following reports could also show some disruptions in the data.

Along with the geopolitical risk premium due to increased tensions between U.S. and North Korea, Hurricane Irma is also causing market volatility. Where the geopolitics mainly affect the financial markets, spilling over to the oil market, Irma could directly affect demand / supply situation in the U.S. Irma is a category 5 hurricane and currently heading for Florida after raging through a row of Caribbean islands. It remains uncertain if the hurricane will head for any oil-rich areas of the U.S. and hence if the production or refineries will be affected.

Huge oil producer Saudi Arabia is planning to cut oil supply to its clients by 350,000 barrels per day in October in an attempt to comply with the current oil production cut agreement. In September, the country cut crude oil allocations by around 520,000 barrels per day, according to Reuters.

Tonight, Baker Hughes will report the weekly U.S. oil rig count.



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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