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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brent remains below $70 on mixed oil inventory report

01 Feb 2018 09:50 GMT

By A/S Global Risk Management.



The weekly oil inventory report from the Energy Information Administration (EIA) came out mixed with huge build in crude oil inventories of 6.8 mio. barrels, where only a build of around 1 mio. barrels was expected. The build came after 10 weeks of draws in crude oil inventories. However, gasoline and distillates stocks fell by 2 mio. barrels respectively. Refinery runs came at -2.1% In addition, the EIA in its monthly report noted an increase in production to above 10 mio. barrels per day in November; the highest in almost 50 years.

Supporting oil prices was news that OPEC compliance to the current oil production cut deal likely increased to 138% in January, up from 137% in December. Total OPEC oil production increased slightly to 32.4 mio. barrels per day in January.

Turning to economic data, the main potential market movers will be the U.S. ISM manufacturing along with jobs data. In Yesterday's Fed statement, Yellen mentioned that she expects target inflation to be reached in 2018 and maintained a positive outlook for this year. No interest rate hike this time around. The statement is Yellen's last as the new Fed chair Jerome Powell takes over next week (4 February).



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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