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After closing earlier this week above $70, Brent is now around $68.8

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 17 Jan 2018 09:47 GMT

After Brent closed above $70 earlier this week, the price is now below the psychological level and, at the time of writing, is around $68.8.

The U.S. saw in the first week of this month a decline in crude production. The production fell below 9.5 mbpd which likely was partly due to a closure of 2 off-shore drilling rigs. Since then, these two rigs are again online as of last week, and, on top of that, eight additional drilling rigs came online. As an effect, we are likely going to see the U.S. crude production increase this week or next week. Furthermore the U.S. refineries have been running at increased pace in order to fill product inventories for this year. This has resulted in further draws in crude oil inventories. Now markets are closely looking for hints of how much the U.S. is able to restore of their output.

Global demand still seems strong, but geopolitical risks are still looming in the background.

Later today, the API releases the weekly inventory statistics. If these show a build in crude oil, we could move even further away from the 70$ level, but the last six weeks have shown declines in crude oil stocks (API), with last week showing the largest draw since September 2016.

Turning to economic data, today sees Eurozone inflation data and a row of central bank members' 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.






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Brent tested $70 several times and closed at highest level in three years
A/S Global Risk Management Ltd.

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