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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Trump set to announce today if US will remain in Iran nuclear deal

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 08 May 2018 07:27 GMT

Allegedly U.S. president Trump is said to announce, in Washington today, if the U.S. will continue to be pro the current agreement with Iran. The U.S. wanted more restrictions added to the current agreement, but Iran has refused. The U.S. could potentially reimpose sanctions on Iran if the proposed additions are not met, which most likely would be bullish for oil prices. Trump's announcement about the matter was planned on 12 May, but Trump is expected to make the announcement today at 8 PM CEST.

China just released its crude oil imports showing the second highest recording ever of more than 10 mbpd in April. Even though U.S. crude oil output is continuously increasing every week, demand is still strong enough to counter at least some of it. Additionally, Saudi energy minister Khalid Al-Falih said that reaching five-year average oil inventory numbers is not the aim for OPEC's production cut agreement. However, bringing stability to the market is. What this statement exactly means is questionable, but likely that the deal is going to last for longer. Next month OPEC will officially meet in Vienna

Overnight, Chinese trade data showed growth in both imports and exports for April, with exports increasing 12.9% from a year ago. Other than that, U.S. JOLTs job openings data and U.S. president speech are main potential financial market drivers 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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