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Increased OPEC production, force majeure in Libya keep prices in a tight range

By A/S Global Risk Management.



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


Updated on 03 Jul 2018 07:58 GMT

Supply outages continue in Libya which declared force majeure on loadings from major ports; likely taking out around 850,000 barrels per day. However, in total, OPEC output for June came around 32.32 mio. barrels per day, up 320,000 barrels per day compared to May and the highest since January. Russia, the world's largest oil producer, produced 11.06 mio. barrels in June, an increase from 10.97 mio. barrels in May.

Tonight, the weekly oil stocks data from the American Petroleum Institute (API) will be published. Last week saw heavy drops in crude oil inventories. Consensus for this week's data is a 3.3 mio. barrel-draw in crude, smaller draws in distillates and gasoline inventories. The more closely followed oil inventory report from the Energy Information Administration (EIA) is published on Thursday, one day delayed due to U.S. holiday tomorrow.

Today, the U.S. markets close early and are off tomorrow due to Independence Day. UK construction PMI for June, Eurozone retail sales and U.S. durable goods orders are published 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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