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Huge gasoline stock build, OPEC (over)compliance and US economic data

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 06 Dec 2017 08:04 GMT

The weekly oil stocks data from the American Petroleum Institute (API) yesterday showed a decline in crude oil stocks of almost 5.5 mio. barrels, slightly more than the 4.1 mio. barrels which was expected. Gasoline stocks rose by a whopping 9.2 mio. barrels - the largest increase for almost 2 years according to the data. Now this afternoon's oil inventory report from the Energy Information Administration (EIA) will be followed closely for confirmation/deviation from the trend. Consensus is a 3.4 mio. barrel-draw in crude, minor builds in gasoline and distillates inventories. Expect some volatility in connection with the publishing.

Geopolitical jitters are lurking after the U.S. could be about to move its embassy in Israel to Jerusalem from Tel Aviv, recognizing the city as Israeli capital. Fears are that the decision could potentially lead to unrest in the region and jeopardize peace efforts in the area.

After OPEC and a row of non-OPEC oil producers extended the current oil production cut deal last week, the group of members show strong compliance to the deal in November as output dropped by 300,000 barrels per day, the lowest in 6 months. Compliance is thus around 112% in November versus 92% in October. Iraq and Angola contributed to the largest output curbs.

Turning to economic data, yesterday's U.S. ISM non-manufacturing PMI for November came out lower than expected ahead of today's employment figures.



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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A/S Global Risk Management Ltd.

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