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The latest surge in crude oil prices seems to have slowed down... for now

By A/S Global Risk Management.



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Updated on 31 Oct 2017 10:21 GMT

With the emergence of Saudi Arabian and Russian consensus towards prolonging the production cut deal it seems now that the official meeting in a month could now just be a formality of prolonging the deal through 2018. These circumstances likely drove the price above the $60 mark.

In Iraq, the situation is still tense but improving slightly, especially on the production side as some of the output from the northern fields are coming back online. Additionally, Iraq stated that the country is going to open one more offshore loading point in the south, being able to supply 900kbpd. Already an offshore loading point of 200kbpd will be opened , concluding in Iraq now alledgedly exporting more crude to the US than Saudi Arabia.

Turning to economic data, overnight data showed both the Chinese Caixin and regular PMI data below expectations at 51 and 51.6, respectively. Though the expectations were of higher numbers, the actuals are above 50 meaning that the manufacturing economy is expanding.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) will be published ahead of tomorrow's official EIA oil inventory report. Consensus is draws in both crude, distillates and gasoline stocks.



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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Brent above $60 as OPEC/NOPEC extension seems increasingly likely
A/S Global Risk Management Ltd.

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