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By Michael Poulson, A/S Global Risk Management

Tonight, the weekly oil stock data from the American Petroleum Institute will be followed closely ahead of tomorrow's EIA inventory report. Consensus is a small build in crude, draws in distillates and gasoline stocks. So far in 2017, two of 12 reports have shown draws, the remaining 10 have shown weekly crude oil builds of up to 13 mio. barrels. Volatility could arise if the data deviates from expectations.

Extension of the OPEC and non-OPEC production cut deal will be discussed further by the compliance committee when it meets in late April; a row of OPEC countries have expressed willingness to prolong the period of production cuts to likely the rest of 2017, non-OPEC Russia appears less prepared to extend. Russia agreed to cut 300,000 barrels per day in the first 6 months of 2017, but has so far only cut 185,000 bpd. Official OPEC meeting will take place in Vienna in May.

Today sees a row of Fed member speeches, including Janet Yellen, and U.S. consumer confidence data. Later this week, Chinese trade and manufacturing data will be published. And tomorrow, the UK is expected to hand in its "resignation" from EU membership.

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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.