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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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US production still increasing, but so is geopolitical risk

By A/S Global Risk Management.



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


Updated on 30 Apr 2018 09:43 GMT

Once again, the weekly U.S. production data provided by the Energy information Administration (EIA)showed a higher number than the week before.

Currently, the production is around 10.586 mbpd likely as an effect of the rig count increasing once again - up by 5 since last week, concluding in a total of 825 rigs drilling for oil in the U.S. Such a high number of rigs was last seen in March 2015. However, the difference is that a larger part of the rigs today are more productive than at that time.

Holding a hand under the price is the increasing fear in the market of U.S. re-imposing the sanctions on Iran. If they do as much as 500 thousand barrels of crude oil per day could be taken off the market. French president Emmanuel Macron has attempted to avoid sanctions coming into effect again. However, the U.S. is holding on to re-imposing sanctions if Iran does not accept additional demands regarding the nuclear deal, which puts several restrictions on Iran's uranium program. Iranian president Hassan Rouhani was quoted saying that Iran will not accept additional restrictions. The decision to re-impose sanctions or not will be made 12th of May.

Turning to economic data, overnight saw Chinese Manufacturing PMI for April which came out slightly below previous (51.4 versus 51.5) while Non-Manufacturing improved slightly (54.8 versus 54.6). Later today, U.S. pending home sales is published and EU Finance Ministers will meet today.



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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Geopolitics trumps bearish EIA stats
A/S Global Risk Management Ltd.

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