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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil market seems to be struggling to find direction

17 Nov 2017 09:35 GMT

By A/S Global Risk Management.



Continued mixed news keeps oil prices in a tight trading range at present. On one hand there is the potential increased U.S. crude oil output; on the other hand the coming OPEC meeting, which could cause continued limits/cuts in oil production when the current oil production cut expires end of March next year.

The energy minister of Saudi Arabia yesterday stated that oil will still be plenty when we enter 2018: ".... We need to recognize that by the end of March we are not going to be at the level we want to be, which is the five-year average...." He signaled that the huge oil producing country will favour an extension of the deal - which has been mentioned several times before. On the other hand, the head of the International Energy Agency (IEA) stated yesterday that he expects oil markets to rebalance in 2018 if the deal is extended and demand remains solid. However, the IEA also stated that the U.S. will likely provide over 80% of the growth in global crude supply in the next decade; U.S. crude oil production is up more than 14% compared to a year ago to 9.65 mio. barrels per day.

Next week features Thanksgiving Day followed by "Black Friday" in the U.S., which means likely thin trading. Ahead of the holidays, the U.S. central bank releases its meeting minutes and Janet Yellen speaks. Thursday, the European Central Bank publishes Account of Monetary Policy. The holidays do not affect the weekly oil inventory reports (API Tuesday, EIA Wednesday).



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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