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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Bullish sentiment remains; we could see Brent touching $60 today

27 Oct 2017 09:10 GMT

By A/S Global Risk Management.



Oil prices took another step upwards yesterday and at time of writing, Brent oil price is around two-year-high and seems headed towards the $60 level.

News of Saudi Arabia and Russia agreeing on an extension of the current oil production cut agreement, which expires by end-March next year, contributed to the bullish sentiment. The deal could then be in effect through entire 2018. The deal was entered between OPEC and non-OPEC oil producers with the aim at reducing global oil inventories to 5-year average. Saudi Arabia and Russia are two of the world's largest oil producers along with the U.S. which is, however, not part of the current production cut deal.

In Iraq, there are signs of oil from the Kirkurk province starting to recover after weeks of disruptions. The province usually exports around 600,000 barrels per day, but has been affected by fighting between government troops and Kurdish forces after the Kurdish independence vote.

Turning to economic data, today sees U.S. GDP and Michigan consumer expectations. The message from yesterday's press conference by the European Central Bank (ECB) was a coming scaling back of the current quantitative easing programme next year. I.e. the monthly asset purchases which the ECB has implemented since early 2015 will be reduced. Still the EU economic situation will be followed closely by the ECB.

Tonight, the weekly oil rig count from Baker Hughes will be followed closely after several weeks of drops in the number of active rigs in the U.S.



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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