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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil stock data, Iran nuclear deal, oil rigs and Chinese data

13 Oct 2017 09:57 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

The weekly U,S. oil inventory report from the Energy Administration Information (EIA) yesterday showed crude oil stocks around consensus with a draw of 2.7 mio. barrels, but deviated hugely from Wednesday's API data which showed a build of 3 mio. barrels. Distillates stocks fell by 1.4 mio. barrels, while gasoline stocks unexpectedly fell by almost 2.5 mio. barrels. All in all, markets hardly reacted to the report and at time of writing, Brent oil price remains in a narrow trading range between $55-57. Data for next week will be very interesting to watch as Hurricane Nate could likely have caused some disruptions.

On the geopolitical topic, we are awaiting U.S. President Trump's speech today where he is expected to comment on the Iranian nuclear deal which was concluded in 2015 and entailed a lifting of international sanctions against the country. Some volatility could arise, depending on the message from Trump and potential reaction from Iran.

Overnight, Chinese September exports and imports data came out improved (8.1% and 18.7% respectively). China is one of the world's largest oil consumers, and therefore economic development in the country is followed closely. Later today, U.S. Retail Sales and Core CPI data is published. Also a row of ECB and Fed speeches.

Tonight, the weekly U.S. oil rig count from Baker Hughes is released - last week saw a drop of 2 in the number of active oil rigs



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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