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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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OPEC oil production decline, oil stocks data ahead

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 04 Apr 2018 08:37 GMT

Data from the American Petroleum Institute (API) yesterday showed a draw in crude inventories of 3.28 mbbl, which was lower than the expected build of 246 kbbl. Furthermore, the API reported a build in gasoline inventories of 1.12 mbbl, and a decrease in distillates inventories of 1.13 mbbl.

Other news in the market are Venezuela's crude production having decreased further which means that OPEC on total is highly compliant to the current oil production cut deal between OPEC and non-OPEC oil producers. In fact, this month's production is among the lowest observations while the production cut has been in effect. OPEC has only managed to curb production by more barrels back in May and April last year.

The decreasing OPEC production is clearly a bullish sign, but the U.S. production has increased in the meantime which acts as a counterweight.

Both the news of OPECs decreased production and yesterday's draw on crude inventories comes upon a day where the market has been trading rather sideways. Usually when the market trades sideways for a period it tends to make a decision whether to go up or down. During today it is uncertain which way it will go, but the market is most likely looking towards the inventory stats published by the EIA later 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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Financial markets affect oil prices; awaiting US oil production data
A/S Global Risk Management Ltd.

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