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Surprise draw in crude stocks yesterday; awaiting EIA data

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 22 Feb 2018 08:44 GMT

Surprise draw in crude oil stocks yesterday, awaiting this afternoon's data from the EIA

The weekly oil stocks data from the American Petroleum Institute (API) released last night showed a surprise draw in crude oil stocks of about 0,9 mio. barrels, a build in gasoline inventories of 1,47 mbbl, and a rather large draw on the distillate inventories of 3.56 mbbl. last week. Now markets will turn to this afternoons more closely watched oil inventory report from the Energy Information Administration (EIA) released 17.00 CET for confirmation/deviation from the trend.

The dollar has been in a strengthening trend since February 16th - most likely weighing down on the uptrend crude has been in. Furthermore it, technically speaking, seems more likely that the price of Brent crude will decrease slightly, rather than head towards 66$ during the rest of this week. But then again, an unexpected large draw from the EIA petroleum report later today could impact this point of view remarkably. However, the EIA expects a build of 1.795 mbbl of crude, which is bearish.

Yesterday Bloomberg published a study of the compliance rates to the OPEC plus allies production cut deal. The study showed that the OPEC members during October last year to January have been more than a 100% compliant, but that non-OPEC members have been less than a 100% compliant since during November to January. Overall, the effect of the deal is still tightening the market as global demand is strong.



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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