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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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OPEC, oil stocks reports take centre stage

13 Sep 2017 08:03 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

OPEC released its monthly oil market report yesterday. According to the report, August oil production by OPEC was 32.76 mio. barrels per day - a drop of 79,100 barrels per day compared to July. It is the first time in several months that the organization's production drops.

Rumour has it that OPEC members are considering extending the current oil production cut deal into Q3 or Q4 2018. The production cut deal is targeted at bringing global oil inventories down to 5-year average and has been valid since January 2017, extended to include Q1-2018.

Last night, the weekly oil stocks data from the American Petroleum Institute (API) showed a build in crude oil stocks of more than 6 mio. barrels. Today, the weekly data from the Energy Information Administration (EIA) is published (16.30 CET). Consensus for the data is a build of 5 mio. barrels of crude, draws in gasoline and distillates stocks. But due to the two hurricanes, Harvey and Irma, some uncertainty of the data is expected, and hence volatility.

Turning to economic data, today sees U.S. inflation figures (PPI) for August. Also, EU Industrial Production and UK employment data. Overnight, Chinese Industrial Production is published.



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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