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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Less online U.S. oil rigs, OPEC non-event and central bank speeches coming up

25 Sep 2017 07:40 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

The much hyped OPEC/Non-OPEC technical committee meeting last week ended as a non-event - at least for those who had expected any decisions on extension or deepening of current oil production cut agreement. The parties did agree that they had succeeded in reducing the global crude surplus as there was a drop in OECD inventories in August and also floating storage has decreased for a couple of months. The Russian energy minister stated that: "we need not only to keep up the pace... but also work out a strategy for the future." Next official OPEC meeting is scheduled for 30 November.

Friday's weekly oil rig count from Baker Hughes showed another drop in the number of active drilling rigs in the U.S. Five rigs were idled/put offline last week, according to the count, and is now at 744, down from recent peak of 768 last month.

This week sees central bank speeches from ECB (Draghi today), Fed and Bank of Japan. End of the week, the latest Chinese manufacturing data is published.

On the geopolitical tensions front, U.S. has announced travel restrictions which includes North Korea and Venezuela as well. Rhetoric between North Korea and the U.S. remains trenchant.

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.


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




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