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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brent crude oil breaks $80 on huge US inventory drop

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 13 Sep 2018 05:57 GMT

Brent broke $80 yesterday on signs that global supplies are tightening, and inventories are shrinking. Yesterday, the weekly EIA oil inventory report was published and showed a draw of more than 5 mio. barrels confirming the API data from earlier this week (8.6 mio. barrels).

Oil prices continue the volatile streak as Hurricane Florence is still threatening U.S. East Coast and sanctions are beginning to affect Iranian oil exports even though they will officially kick in from November. As U.S. sanctions come closer, Iran is starting to store oil on its fleet of supertankers,. The total volume of crude held on the vessels could amount to 13 million barrels. The build-up of crude on Iranian tankers signals the effectiveness of the new sanctions that are due early November. Already, buyers including France, South Korea and others have started to cut back purchases.

The benchmark MSCI Asia Pacific Index fell for a tenth consecutive day on Wednesday, extending its recent decline to almost 5 percent and bringing the loss in value to almost $700 billion this year. It seems like everything is against Asian stocks: increasing trade tensions, a rising dollar, and emerging market contagion of decline.

In its monthly report, published yesterday, OPEC reduced its forecast for 2019 global oil demand growth, pointing to economic risks. OPEC forecasts an oil demand increase next year of 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast.



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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Brent oil price heading for $80?
A/S Global Risk Management Ltd.

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