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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Fundamentals weigh on crude oil prices

14 Feb 2018 09:54 GMT

By A/S Global Risk Management.



Yesterday, the American Petroleum Institute (API)reported a build all over the U.S. inventories. Crude oil inventories increased by 3.95mbbl, gasoline grew by 4.63mbbl and distillates grew 1.1mbbl.

Both OPEC and the IEA monthly reports forecast increased U.S. production and that U.S. production has likely not peaked yet and is probably going to reach 11mbpd.

The financial markets have recovered from some of the huge losses they took in the start of the month, and are currently looking to stabilize in the short term. This could potentially spill over to the Brent price and keep a floor under prices. Backing this hypothesis is that the Brent looks oversold since Friday where it tested levels below 62 USD. Additionally, the dollar has weakened slightly which tend to be bullish for the crude oil price.

Later today, the EIA will release the weekly inventory report. The last couple of weeks they have reported builds which has contributed to declining crude prices. This week a build is likely already priced in so even if a build is reported it is not likely to bring down prices as much as last week. But you never know in the oil market so expect some volatility anyway.

Turning to economic data, today sees U.S. inflation data along with Eurozone Q4 GDP.



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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In a volatile session yesterday, Brent fluctuated between $62.5 and $64

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