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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Fewer active oil rigs, booming U.S. jobs data support oil prices

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 12 Mar 2018 08:44 GMT

The oil price starts off the week in the upper end of the trading range. Friday's Brent crude price rose about 1.5 USD on top of higher than expected US non-farm employment figures. More people in work is a bullish sign for the U.S. economy which in the longer term could spill over to the oil market, increasing demand for oil.

Furthermore, the U.S. oil rig count last week dropped by 4 which could manifest in production figures dropping when they are released on Friday. It is the first drop in 7 weeks; the number of active rigs has increased by 54 since beginning of January and is up by 179 compared to a year ago.

A couple of monthly oil market reports are released this week, starting with OPEC on Wednesday followed by IEA on Thursday. The reports could give some short-term market volatility.

Tomorrow the API inventory figures are released with expectations of a build in crude oil stocks ahead of the EIA oil inventory report on Wednesday. 5 of the 6 latest releases have shown builds in crude oil stocks according to the latter.

Turning to economic data, the next potential market mover could be the U.S. Consumer Pricing Index figures which is released tomorrow. Later this week we see Eurozone core inflation and Eurozone wage growth along with Eurogroup meetings and ECB's Draghi speech.



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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Oil prices seem stabilising for now, but eyes are on tonight's oil rig count
A/S Global Risk Management Ltd.

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