BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Huge draw in weekly crude oil stocks supports prices

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 10 Jan 2018 09:03 GMT

Huge draw in weekly crude oil stocks supports prices ahead of the next oil stocks data this afternoon.

Oil prices surged upwards last night as the weekly oil stocks data from the American Petroleum Institute (API) showed a whopping 11.2 mio. barrels draw in crude oil stocks where "only" around 4 mio. barrel-draw was expected. The crude oil stocks have dropped for 6 weeks in a row, the longest string of draws in at least two years. Gasoline and distillates stocks rose by 4.6 and 4.3 mio. barrels respectively. Now this afternoon's oil inventory report from the Energy Information Administration (EIA) will be followed closely for confirmation/deviation of the data. Expect increase volatility around the publishing (16.30 CET).

Adding to the bullish sentiment was a monthly oil market outlook from the EIA, published yesterday, which predicts an increase in global oil demand growth of 100,000 barrels per day compared to previous report. However, the report also estimates an increase in the U.S. crude oil production to 10.3 mio. barrels per day this year, which is "the highest annual average production in history". 2017 is estimated at an average of 9.3 mio. barrels per day.

Turning to economic data, yesterday's U.S. job report (JOLTs Job Openings) came out slightly lower than last reading. Overnight Chinese CPI data improved slightly while the PPI (inflation) dropped from 5.8% to 4.9%). This afternoon, UK Manufacturing Production along with trade balance is published. .



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.






Related Links:

Oil prices around three-year highs
A/S Global Risk Management Ltd.

Latest News:

Hurtigruten to upgrade up to nine ships to gas-electric power
All-electric vessel launched for Norwegian fjord route
Wartsila CEO talks up 'critical role' of LNG, calls for 'clear' GHG roadmap
Industry coalition makes case for LNG in wake of MEPC 72
Oil and fuel oil hedging market update
Brent closed at $75 but quickly fell to current levels of $73-74
Itsas Gas secures Cepsa supply contract; Oizmendi starts bunkering in Huelva
Eco Marine Power to expand Aquarius Eco Ship Project
Wartsila in first optimised maintenance tie-up for LNGPac system
Bullish momentum sends oil prices above three-year high
Oil and fuel oil hedging market update
Nor Lines LNG-fuelled ships to include Rotterdam in weekly service




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events