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US inventories, supply outages and Saudi Arabia oil production

By A/S Global Risk Management.



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


Updated on 04 Jul 2018 09:10 GMT

The American Petroleum Institute (API) reported yesterday that last week's inventories of crude oil decreased by 4.5 mbbl, gasoline inventories fell by 3 mbbl and distillates fell by 0.44 mbbl. The reason for the decreases lately is most likely the SynCrude facility in Canada being out of service, which has removed 360 kbpd of crude oil in the U.S. The relatively large gasoline draw is a sign of the U.S. driving season starting to kick in. The timing is rather problematic as the crude outage from Canada is increasing the price of crude oil in the US - namely the WTI crude oil - which lately has become relatively more expensive than Brent. This is causing rising gasoline prices in the U.S.

Supply outages in Libya, Venezuela and potentially Iran has caused Saudi Arabia to pledge to increase production by 1 mbpd, but the market seems increasingly doubtful as to what extent that quantity increase would be possible - at least in the short term.

Tomorrow, the EIA will release the inventory statistics as today is the U.S. Independence Day, and therefore a U.S. holiday.



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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Increased OPEC production, force majeure in Libya keep prices in a tight range
A/S Global Risk Management Ltd.

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