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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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The uptrend continues

By A/S Global Risk Management.



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Updated on 07 Oct 2016 07:35 GMT

By Michael Poulson, A/S Global Risk Management

News of another OPEC/non-OPEC meeting next week supports oil prices along with continued draws in U.S. crude oil inventories. Hurricane Matthew is causing port closures and crude oil delivery delays in the U.S. East Coast after sweeping through the Caribbean.

Today, the U.S. jobs report will be key economic event to watch as it is considered an important growth indicator for the central bank, Fed. Yesterday's Initial Jobless Claims decreased by 5,000 to 245,000 instead of the 3,000 increase markets had anticipated. I.e. expect volatility around the publishing of the Nonfarm Payroll and Unemployment Rate this afternoon. It is a national holiday in China, but overnight, the Caixin Services PMI will be published, giving an indication of the growth / lack of growth in the huge country.

Tonight, the weekly oil rig count from Baker Hughes is published. The number of active drilling rigs has increased since July and is now at 425 oil rigs. With WTI oil price now above $50, U.S. producers could re-open the drilling taps as production becomes profitable again. Read more details on the correlation between the active drilling rigs and the oil inventories in our latest quarterly outlook: http://www.global-riskmanagement.com/report



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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