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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices taking a breather

08 Nov 2017 09:03 GMT

By A/S Global Risk Management.



Over the last month, Brent has increased by almost $10 and prices are up more than 40% since June. Geopolitical events and signs of global oil inventories beginning to rebalance are among the reasons for the increase.

The geopolitical risk premium remains elevated as tensions between Saudi Arabia and Iran ablazed over the weekend. This increases the risk of supply disruptions in the area if the situation escalates, but fears are also that it could influence the extension of the current oil production cut agreement between OPEC and a row of non-OPEC oil producers. The parties meet later this month and recent news and comments have increased the likelihood of an extension.

Yesterday, the weekly oil stocks data from the American Petroleum Institute (API) showed drops in crude and distillates stocks (1.6 mio. and 3.1 mio. barrels respectively), while gasoline stocks increased slightly (0.5 mio. barrels). The weekly EIA oil inventory report is published later today. Consensus is draws all over, so expect volatility around the publishing. The last 5 of 6 weeks have pointed to draws in crude oil stocks in the U.S.

OPEC released its 2017 World Oil Outlook yesterday. According to the organisation of oil producers, demand for OPEC crude oil will increase in the coming years, but at a slower pace then previously expected - likely due to increased production from non-OPEC producers.

Overnight, Chinese trade activities data came out mixed, and the huge country's crude oil imports in October fell to a one-year low; however, they were still up 7.8% from a year ago.



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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