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Drop in active oil rigs; US sanctions on Iran looming

By A/S Global Risk Management.



Michael Poulson, Senior Oil Risk Manager at Global Risk Management. Image credit: A/S Global Risk Management


Updated on 10 Sep 2018 09:37 GMT

Friday's weekly oil rig count from Baker Hughes showed a decline in the number of active U.S. drilling rigs of 2 to a total count of 860. The number has been above 800 since March. The spring brought a steep increase, but over the summer, data has more or less stagnated, with intra-week swings.

The coming U.S. sanctions against Iran continue to support oil prices. This week, U.S. energy secretary will meet with both Saudi Arabia's energy minister and later this week, he will meet the Russian energy minister, reportedly to discuss additional oil production options when sanctions on Iran kick in and take as much as 1 mio. barrels per day off the market.

Fears of additional geopolitical uncertainty increase after news of demonstrations and that the Iranian consulate and an oil facility were stormed around Basra in Iran over the last couple of days. Also peace talks on Yemen and Syria ceasefire failed to progress.

Overnight, Japanese GDP and Chinese CPI figures came out higher than expected. Friday's strong U.S. jobs data supports the dollar. Later this week, ECB interest rate decision will be followed closely by the financial markets.

This week sees both OPEC and IEA monthly oil market reports, which could stir some volatility.



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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Mixed US inventories; continued worries over global economic growth
A/S Global Risk Management Ltd.

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