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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil slightly down as U.S. could be ramping up production

13 Nov 2017 09:34 GMT

By A/S Global Risk Management.



Oil prices weakened slightly on Friday as the weekly oil rig count from Baker Hughes showed an increase in the number of active drilling rigs of 9 to currently 738 rigs, the largest increase since June, and completely the opposite of the week before which pointed to a drop in the number of oil rigs of 8. It could be a sign that the higher oil prices induce increases in U.S. crude oil production.

Geopolitical risk premium in the Middle East remains high as markets are closely watching Saudi Arabia's recent ramp up of both internal and external rhetoric and tensions. Two other OPEC members - Iraq and Venezuela - also struggle with tensions, the first over Kurdish independence vote, the latter over financial problems.

Over the next two weeks, all eyes and ears will be on any comments from OPEC members ahead of the meeting later this month where we will likely finally find out if the parties will agree to prolong the current oil production deal, for how long and how deep a potential cut will be.

The week on the economic data front sees EU growth numbers, U.S. CPI and retail sales along with a string of central bank speeches.



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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