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Mixed oil stocks data from the American Petroleum Institute (API)

By A/S Global Risk Management.



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


Updated on 02 May 2018 07:20 GMT

Yesterday, the API released the weekly inventory status report showing a build of 3.42 mbbl on crude inventories, a build on gasoline of 1.6 mbbl, and a large draw on distillates of 4.08 mbbl. If the Energy information Administration (EIA) stats released later today show the same pattern, the takeaway from this week's stats is blurry as it sends a mixed signal

Yesterday the Brent price took a fairly big decline on top of the front month Brent contract rolling and the fact that the dollar index rose to the highest level since January. The dollar index is a way to measure the strength of the U.S. dollar compared to other major currencies such as the Euro. When the index rises the dollar gets more expensive which traditionally weighs on oil prices. The risk of sanctions being re-imposed on Iran is likely countering some of the rising dollar strength as sanctions could potentially jeopardize 0.5 mbpd.

Allegedly, OPEC compliance rates to the production cut in April shows slightly higher compliance than March. The OPEC nations in the deal produced 31.93 mbpd during April, slightly lower than the 31.97 mbpd in March. The production volume concludes in a compliance rate of 168% in April

Expect increased volatility around the release of the EIA stats this afternoon.



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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