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By Michael Poulson, A/S Global Risk Management

The weekly oil stocks data from the American Petroleum Institute (API) came a long way from last week's data (draw of 12 mio. barrels) with a build of 1,44 mio. barrels. So the huge draws indicated by both the API and the EIA last week seem to be one-offs on weather related issues. This afternoon, the weekly EIA oil inventory report is published; consensus is builds all over.

Monthly reports from the International Energy Agency (IEA) and OPEC published this week point to a slowdown in oil demand growth which along with swelling global inventories and increasing supply could delay the demand/supply balancing of the oil market into at least the middle of 2017.

In Libya, control over oil terminals switched hands after new clashes between the Libyan government and rival forces. The National Oil Corporation states that it will work to restart crude exports from the ports. The country's oil production has dwindled from around 1.4 mio. barrels per day to current level of around 200,000 barrels per day over the last 5 years of civil war. See below chart with overview of oil terminals (source: Guardian).

Russia's oil output for the first week of September came close to 11 mio. barrels per day, up from August's 10.71 mio. barrels per day.

Not a lot of economic data releases today, except UK labour market report ahead of tomorrow's Bank of England meeting.

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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.