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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Uptrend continues; market ignores oil rig count increase

By A/S Global Risk Management.



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


Updated on 07 May 2018 07:13 GMT

Oil market ignored Friday's news from Baker Hughes that nine oil rigs were added in the U.S. last week and oil prices continued upwards as geopolitics remains in focus. It is the fifth week in a row with increasing numbers of active U.S. oil rigs and this usually weighs on prices; but at present, market focus seems elsewhere.

In five days' time, the U.S. will either sign or decline to sign a continuation of the lifting of sanctions against Iran. Recent statements from the U.S. increases uncertainty of the signing, and comments from Iran increases market fears of an escalation of the tense situation. Hence, the geopolitical risk premium is elevated and supports oil prices at present.

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 deteriorating economic situation in Venezuela continues to affect oil production in the country, which is currently around 1.5 mio. barrels per day - down from almost 2.2 mio. barrels per day.

Turning to economic data, today is a Bank Holiday in the UK. There are a couple of central bank speeches, but no major economic releases. Overnight, Chinese trade data will be published.



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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