BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News



Mixed news keeps intraday volatility elevated

By A/S Global Risk Management.



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


Updated on 06 Jul 2018 07:50 GMT

Oil prices dropped slightly yesterday as the weekly oil inventory report from the Energy Information Administration (EIA) showed a surprise build in crude oil stocks of 1.25 mio. barrels where a large draw was expected. Distillates also grew slightly while gasoline inventories dropped by 1.5 mio. barrels, according to the report. The data differs heavily from Tuesday's weekly oil stocks report from the API, which pointed to a 9.2 mio.-barrel draw in crude oil stocks.

The drop in oil prices was limited by comments from Iran that the country could potentially block exports of crude to the Persian Gulf via the Strait of Hormuz. Approx. 17 mio. barrels per day pass through the strait, corresponding to around a third of all seaborne oil exports. The statement is likely a response to the coming re-imposing of sanctions against Iran by the U.S. Eyes are turning to Saudi Arabia, which pledged to offset the potentially missing Iranian barrels on the global oil market. According to OPEC, Saudi Arabia increased production by 458,000 barrels per day last month to 10.488 mio. barrels per day.

A trade war continues to loom between the world's two largest economies, U.S. and China. Today, additional tariffs will be imposed on Chinese goods by the U.S. China has retaliated by imposing tariffs on 545 U.S. goods and also announced that a 25% tariff on U.S. crude imports could be next in line. U.S. exports around 400,000 barrels per day to China

Turning to economic data, today sees U.S. nonfarm Payrolls and unemployment rate. Other than that, no major releases.

Tonight, the weekly oil rig count from Baker Hughes is published. Last week saw a drop of 4 active oil rigs.



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.






Related Links:

The trade war noose tightens
A/S Global Risk Management Ltd.

Latest News:

Oil and fuel oil hedging market update
Singapore records best ever October bunker sales; YTD volume down 1%
Oil trading below $70 after highly volatile start to week
Genoil lowers fuel sulphur content in latest processing run
Aegean staff have been relying on compensation and benefits to support families: EY
Higher bunker prices help push up Hanwa's overseas revenue
Aegean doesn't have a centralized accounting system: EY director
Oil and fuel oil hedging market update
Brent heads back upwards after breaking below $70 on Friday
Aegean's proposed bidding process revealed
Aegean proposes bidding timeline as Mercuria offers $681m
Genco to decide on scrubbers for 15 bulkers by early 2019 - 'if not before'




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio de Janeiro
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events