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 prices fall slightly back after weeks of increases

By A/S Global Risk Management.



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


Updated on 23 May 2018 08:06 GMT

Brent oil price briefly touched $80 yesterday, but at the end of the day, fell slightly back.

The weekly oil stocks data from the American Petroleum Institute (API) showed a decline in U.S. crude oil stocks of 1.3 mio. barrels last night. Gasoline and distillates fell by 620,000 barrels, distillates 1 mio. barrels. Now this afternoon's oil inventory report from the Energy Information Administration (EIA) will be followed closely for confirmation or deviation of this trend. Consensus for today is actually also a decline of around 1.3 mio. barrels. Expect some volatility around the publishing (16.30 CET).

U.S. president on Monday issued further restrictions on Venezuela, prohibiting purchases of debt owed to the country - further adding to the economic difficulties of the debt-struck country. Though Venezuela has huge oil reserves, production has been dwindling for years as investments in the industry have been lagging. OPEC countries will meet next month to discuss the oil market and the current oil production cut deal. Potentially, the organization could raise output to offset the Venezuelan and - if sanctions are re-imposed - the Iranian oil.

The planned meeting between the U.S. and North Korea could be postponed or cancelled. According to Trump there is "substantial chance" it will not take place on 12 June in Singapore.

Turning to economic data, this morning saw the first in a string of Manufacturing PMIs, the German which disappointed slightly while the French improved. Eurozone PMI came out at 55.5 versys 56.2 previous. Later today, the U.S. Manufacturing PMI along with housing data is 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.






Related Links:

Brent remains close to $80
A/S Global Risk Management Ltd.

Latest News:

Verifavia signs up Wallem and Seaborn
The lowdown on bunker spill paperwork required in Singapore
MEPC 73: HFO ban events scheduled
Oil and fuel oil hedging market update
Brent climbs above $80 as supply concerns take centre stage
MEPC 73: IMO must renew commitment to Arctic HFO ban | CAA
IMO launches toolkits to tackle ship and port emissions
Bunker-saving JIT study presented at IMO HQ
Working group to finalize Initial Strategy programme for MEPC 73
Oil and fuel oil hedging market update
Bunker issues pack MEPC 73 agenda
Volatility around $80




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
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