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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil lower on surprise API crude build, ongoing equities sell-off

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 28 Mar 2018 08:16 GMT

Brent and WTI are lower during Asian trade this Wednesday morning, trading at $69.75 (-0.36) and $64.85 (-0.40) respectively.

Crude oil prices traded with strength during the entire Asian trade and morning European trade yesterday. However, weakness set in along with US trade as a recovery in USD strength and sharply lower US equities markets. The US bourses have now recorded their fourth decline in five sessions. The tech sector was the worst hit. This comes amid the ongoing Facebook/Cambridge Analytica data scandal.

Post Brent settlement, the US API released crude oil inventory data for last week. Figures showed that crude stocks grew unexpectedly by more than 5m barrels. Data from the US EIA will be released during US trade today.

Today marks the third trading day of the INE Shanghai crude oil futures contract. Interesting point to note is the despite the high traded volumes, the contract has been trading with high volatility. Depth AND high volatility. At the time of writing, the Shanghai contract is down by more than 4% (trading at ~$64.93) and it is trading about $5/bbl below front month Brent and just a touch above WTI.



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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A/S Global Risk Management Ltd.

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