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Oil dropped 2-3% yesterday on trade war fears, smaller-than-expected crude stock draw

By A/S Global Risk Management.



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


Updated on 09 Aug 2018 07:09 GMT

The weekly oil stocks data from the Energy Information Administration (EIA) showed a smaller-than-expected draw in U.S. crude oil stocks of 1.35 mio. barrels - far from Tuesday's API oil stocks data showing a decline of 6 mio. barrels - and oil prices fell sharply on the news.

Earlier this week, the U.S. imposed new sanctions against Iran; among others, USD purchases. Note that oil is traded in USD; if and when the sanctions fully kick in by November, up to 1 mio. barrels per day could be taken off the market.

The trade war between the U.S. and China continues to escalate. The fears of a slowdown in trade activities spilling over to the oil market weighed on prices as well, since a slowdown in the world's two largest economies could affect demand for oil. Allegedly, China imposes tariffs on U.S. crude oil imports. The first half of 2018, China imported around 330,000 barrels per day from the U.S. Total Chinese crude oil imports for July increased slightly from June; 8.48 mio. barrels in July versus 8.36 in June.

Turning to economic data, overnight, Chinese CPI - an inflation indicator - came out improved. Later today, the U.S. PPI -another inflation indicator - is released.

Likely, we are facing another exiting day in both the financial and oil markets!



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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