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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices seem stabilising for now, but eyes are on tonight's oil rig count

By A/S Global Risk Management.



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


Updated on 09 Mar 2018 09:04 GMT

Following the inventory stats and US production count, oil prices plummeted on Wednesday. Since then, the prices have declined further, at a slow pace though. But since the last half of yesterday, prices stabilized and Brent crude was seen bought at the mid 63s - suggesting a support level, even though it is weak.

Looking to the financial markets... since end of January the oil prices have been highly coupled with the stock markets, but have since Wednesday decoupled quite remarkably since the stock markets increased and oil prices have fallen. Furthermore, the dollar has increased slightly since yesterday, which is likely weighing on oil prices.

During this week there has been an energy conference in Texas, US. No major news emerged from this conference, but the International Energy Agency (IEA) did release a 5-year forecast, projecting that US production will surge to 12.1 mbpd by 2023.

Tonight, the weekly Baker Hughes oil rig count is released. The market is likely expecting an increase in rigs on top of the increased US production volume. If these expectations are not met it could have a bullish effect on the price after publishing.

Main potential economic market mover today will likely be the U.S. nonfarm payroll data which could spur some financial market volatility.



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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