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Potential trade war and weekly oil stock data sent oil prices slightly lower

By A/S Global Risk Management.



Michael Poulson, Global Risk Management. Image credit: Global Risk Management


Updated on 07 Mar 2018 09:28 GMT

Fears of trade war escalation increased as the U.S. president's economic advisor quit his job yesterday and insecurity hence increased as to whether the current imposing of taxes on steel and aluminum by the U.S. will cause a global trade war. The fears affected the financial markets and spilled over to the oil market.

Last night, the American Petroleum Institute (API) in its weekly data reported of an increase of 5.7 mio. barrels in crude oil stocks last week. Gasoline stocks fell by 4.5 mio barrels, distillates increased by 1.5 mio. barrels. Now this afternoon's weekly report from the Energy Information Administration (EIA) will be followed closely and could cause additional volatility. Consensus for the data is a build of 2.7 mio. barrels in crude, a draw of 1.2 mio. barrels in distillates and gasoline respectively. The EIA yesterday stated that it expects U.S. crude oil production in Q4-2018 would reach an average of 11.17 mio. barrels per day and 11.27 mio. barrels per day in 2019. U.S. demand is expected to grow by 470,000 barrels per day in 2018, 360,000 barrels per day in 2019.

OPEC's secretary general invites U.S. shale oil officials to the oil producers summit in Vienna in June. In addition, the secretary general made the following remark: The entire industry could learn something from them; they are able to raise production and raise efficiency, ... and it is something we in the industry need to learn".

Turning to economic data, today sees a couple of Fed member speeches, U.S. ADP non-farm employment change and UK annual budget release along with Eurozone GDP.



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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