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 spiked yesterday on Iran and US crude stock draws

By A/S Global Risk Management.



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


Updated on 01 Jun 2018 07:22 GMT

The weekly U.S. oil inventory report from the Energy Information Administration (EIA) showed a huge deviation from expectations with a 3.6 mio. barrel draw in crude oil stocks (0.4 mio. barrels expected). Distillates and gasoline inventories increased slightly where the consensus was draws. So all in all the report was mixed, but markets reacted with a short-term spike. Along with the weekly oil stocks, the EIA reported a record monthly production in March of 10.47 mio. barrels. Brent and WTI crude, the two main benchmarks for crude oil prices, are currently trading with a price difference that is around a 3-year high.

In a letter to the OPEC president, the Iranian oil minister asks for a separate agenda at the summit later this month in Vienna. Iran could become subject to the reimposing of sanctions by the U.S. from November, and this could potentially entail an export reduction of up to 1 mio. barrels per day for the 5th largest country in the OPEC organization.

Turning to economic data, the main topic today will likely be the U.S. imposing tariffs on steel and aluminum from Canada, Mexico and the EU - sparking fears of a global trade war. Traditionally, trade wars lead to weaker economic growth in the countries involved. This could affect oil prices as less growth means less consumption of oil; however, this is more the long-term effects of the looming trade war. The monthly U.S. nonfarm payrolls and unemployment rate is published this afternoon.

Tonight, the weekly oil rig count from Baker Hughes - counting the number of active U.S. oil rigs - will be followed closely for hints of continued increase.



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:

Oil prices notched upwards yesterday; Brent just above $77
A/S Global Risk Management Ltd.

Latest News:

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
Arkas and Sumitomo ink Turkey LNG bunkering accord
MEPC 73: Coalition calls for 'urgency' to adopt CO2 reduction measures
Concept ship shows IMO CO2 reduction targets can be met: Project Forward
Oil and fuel oil hedging market update
Tallink signs LOI to build second LNG-fuelled ferry
Will Saudi Arabia be able to replace Iranian oil?




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