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Coming to America

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 20 Mar 2018 08:32 GMT

Today, the Saudi crown prince will visit the U.S. president in Washington as part of a 2-week trip to the U.S. The parties last met face-to-face in Riyadh around 10 months ago. News and comments in connection with the meeting could spur some market volatility.

News of another oil producer, Azerbaijan, likely joining OPEC - or at least discussing closer cooperation - emerged after OPEC secretary general visited the country over the last couple of days. The secretary-general also stated that "... we still have some work to do because we still have inventories that are higher than the five-year average". The cartel along with a number of non-OPEC oil producers have implemented oil production cutbacks which will be discussed in a couple of months at the next OPEC summit.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) is published; the last 3 weeks have seen builds in crude oil stocks and consensus is another build this week ahead of the inventory report from the Energy Information Administration (EIA).

On the economic data front, markets are in a wait-and-see mode ahead of tomorrow's FOMC meeting (U.S. central bank), and awaiting a statemnet after the G20 finance ministers and central bank governors' meeting which finishes today.



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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