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Intraday volatility continues to be high as markets seem focused on short-term

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 May 2018 08:23 GMT

Yesterday, it was news of Iran commenting on the U.S. demands for Iran in order to renew the current lifting of sanctions deal. Allegedly, Iran deemed the demands "unacceptable". In little over a week, 12 May, the U.S. must sign/reject the prolongation of the deal.

Supporting oil prices was news of a shutdown of a North Sea oil terminal due to "defect", and around 100,000 barrels per day of Brent crude is hence offline. Expected restart is on Sunday 6 May.

One of the world's largest oil producers, non-OPEC member Russia, continues to miss compliance targets of the current oil production cut deal between OPEC and a row of non-OPEC oil producers. According to the deal, Russia would cut production by 300,000 barrels per day - for April, the country cut 260,000 barrels per day, slightly below target. On the other hand, OPEC countries for April came slightly below the target of 32.5 mio. barrels per day. The deal will be discussed next month in Vienna.

The economic situation in Venezuela continues to deteriorate - and the IMF earlier this week issued a "declaration of censure" against the country as it fails to comply with specific financial obligations. The country's oil production has been declining along with the financial situation getting worse. A year ago, crude oil production was around 2.1 mio. barrels per day, in March this year, production was around 1.5 mio. barrels per day. The country is heavily dependent on revenues from oil exports.

Turning to economic data, this afternoon sees U.S. employment data (nonfarm payrolls, unemployment rate) and a row of U.S. central bank speeches.



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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