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Oil market shrugs off mixed oil inventory report; bullish sentiment remains

By A/S Global Risk Management.



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


Updated on 03 May 2018 08:44 GMT

Oil prices saw heavy volatility just after the publishing of the weekly U.S. oil inventory data yesterday. The report from the Energy Information Administration (EIA) confirmed Tuesday's data from the API with large build in crude oil inventories (6 mio. barrel-build), large draw in distillates (nearly 4 mio. barrels). The weekly production was reported to be record-high of 10.62 mio. barrels per day.

Russian oil production for April was similar to March, 10.97 mio. barrels per day which means that the huge oil producer does not quite comply with the production cut target agreed with OPEC and a number of other non-OPEC oil producers. Average for the period (Jan 2017 - mid-April 2018) is around 87% for Russia.

This morning, oil seems to have shrugged off yesterday's U.S. inventory data, heading back into bullish territory as the USD weakens and fears of Iran sanctions being re-imposed by the U.S. next week remain. Also, Saudi Arabia's energy minister commented that oil producers will likely continue the production cuts for the rest of 2018

Turning to economic data, today sees eurozone CPI and EU Economic Forecasts followed by speech by a couple of ECB speeches. U.S. trade data and ISM non-manufacturing PMI coming up later today as well.



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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Mixed oil stocks data from the American Petroleum Institute (API)
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