BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Oil market shrugs off mixed oil inventory report; bullish sentiment remains

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 03 May 2018 08:44 GMT

Oil prices saw heavy volatility just after the publishing of the weekly U.S. oil inventory data yesterday. The report from the Energy Information Administration (EIA) confirmed Tuesday's data from the API with large build in crude oil inventories (6 mio. barrel-build), large draw in distillates (nearly 4 mio. barrels). The weekly production was reported to be record-high of 10.62 mio. barrels per day.

Russian oil production for April was similar to March, 10.97 mio. barrels per day which means that the huge oil producer does not quite comply with the production cut target agreed with OPEC and a number of other non-OPEC oil producers. Average for the period (Jan 2017 - mid-April 2018) is around 87% for Russia.

This morning, oil seems to have shrugged off yesterday's U.S. inventory data, heading back into bullish territory as the USD weakens and fears of Iran sanctions being re-imposed by the U.S. next week remain. Also, Saudi Arabia's energy minister commented that oil producers will likely continue the production cuts for the rest of 2018

Turning to economic data, today sees eurozone CPI and EU Economic Forecasts followed by speech by a couple of ECB speeches. U.S. trade data and ISM non-manufacturing PMI coming up later today as well.



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.






Related Links:

Mixed oil stocks data from the American Petroleum Institute (API)
A/S Global Risk Management Ltd.

Latest News:

Swedish Club examines lessons to learn from bunker pollution accident
Two inland vessels a month bunkering LNG at Fluxys' Antwerp dock
Oil and fuel oil hedging market update
Singapore's record H1 was lowest six-month sales period since May-November
Sharp drop in oil prices
2020: Papering over the cracks
Nine-month high: Singapore sees rise in bunker calls as percentage of ship arrivals
Oil and fuel oil hedging market update
Pegasus has bunker craft operator licence revoked in Singapore
Singapore Q2 bunker sales lower than in 2016
Oil rises a second consecutive day but ends the week much lower
Singapore H1 bunker sales surpass 25m tonnes for first time




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events