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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil up slightly as U.S. crude oil stocks fall

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 07 Feb 2018 09:24 GMT

We are likely in for another volatile day in the oil market as we await this afternoon's inventory data. The weekly oil stocks data from the American Petroleum Institute (API) last night showed a draw in crude oil stocks of 1.1 mio. barrels last week. Gasoline stocks declined by 227,000 barrels while distillates increased by 4.6 mio. barrels. Now this afternoon's oil inventory report from the Energy Administration Information (EIA) will be followed closely for confirmation/deviation of the trend.

Consensus for the EIA data is a build in crude of 3.1 mio. barrels, small build in gasoline, 1.4 mio. barrel-draw in distillates. The EIA foresees increasing U.S. production; 10.57 mio. barrels per day this year and 11.18 mio. barrels next year, which would make the U.S. the largest crude oil producer in the world should production by Saudi Arabia and Russia remain unchanged. Refineries are heading into the maintenance season which could affect oil stocks over the coming period.

Turning to economic data, today sees a row of Fed and ECB member speeches. This morning, German Industrial Production for December came out lower than expected, -0.6% versus 3.1% previous. Overnight, the latest data of Chinese trade activities will be released.



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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