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The OPEC / non-OPEC meeting takes centre stage

22 Sep 2017 08:21 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

As we have mentioned in our market briefings most of the week, today a row of OPEC / non-OPEC oil producers will meet in Vienna.

Various messages have already flourished in the market; comments have been mixed. It remains uncertain if the parties will discuss a potential extension or deepening of the current production cut deal. The next official OPEC meeting will take place in November. It is likely, though, that the parties will discuss compliance to the deal along with a common monitoring procedure for oil exports. At the last meeting of the committee in August, July compliance was estimated at 94% compliance among OPEC and Non-OPEC oil producers. Expect volatility as bits and pieces of news and comments emerge intraday.

Tonight, the weekly U.S. oil rig count from Baker Hughes is published. The number of active drilling rigs has dropped over the past five weeks and is currently around 749.

Turning to economic data, today is heavy on releases: German and U.S. PMI figures along with ECB member speeches as well as UK's Theresa May speech on Brexit this afternoon.

The draw in U.S. gasoline stocks comes at a time when U.S. refineries have been operating below 80% for two weeks, which is historically low. But the gasoline price has not increased dramatically, suggesting supplies to the U.S. might come from elsewhere, namely Europe. As Europe is shipping more products to the US, more Brent must be used for production, which is bullish for the price. But the US refineries will most likely come back online operating at normal capacity before long.



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.


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




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