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Tue 9 Jan 2018, 09:22 GMT

Oil prices around three-year highs


By A/S Global Risk Management.



Brent oil price headed back into the $68 area this morning. The most likely potential market mover will be tonight's weekly oil inventory data.

Allegedly, current geopolitical tensions in OPEC member countries Iran and Venezuela are monitored by OPEC, but no measures are on the way to counter potential production disruptions from OPEC's side yet unless there are significant and sustained disruptions. In Libya, a large pipeline is restarting after suffering damage last week.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) is published. The last 5 weeks have shown huge draws in crude oil stocks and consensus is another drop this week. Interesting to see if the cold weather has affected the distillates and gasoline inventories in the huge country.

Tomorrow, the oil inventory report from the EIA will be published and followed just as closely.

Turning to economic data, today sees German trade activities along with Eurozone unemployment and U.S. JOLTs job openings. .


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Mein Schiff Flow vessel. Fincantieri delivers LNG-ready cruise ship Mein Schiff Flow to TUI Cruises  

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Monjasa logo. Monjasa seeks trader for Fredericia-based Northwest Europe desk  

Bunker firm is recruiting a trader to join its Northwest Europe team.

Port of Barcelona and Port of Shanghai signing ceremony. Barcelona and Shanghai sign strategic port cooperation agreement targeting green fuels and digital corridors  

Ports formalise a 'sister ports' relationship covering green shipping, digitalisation and intermodality.


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