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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Intraday volatility continues, but trading range remains tight... for now

By A/S Global Risk Management.



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


Updated on 09 Jul 2018 08:13 GMT

On Friday, the weekly U.S. oil rig count from Baker Hughes showed an increase of 5 last week to currently 863 active oil rigs, up exactly 100 rigs from a year ago.

The hurricane season in the Atlantic has so far seen two tropical storms and a third, 'Chris', is likely to become a hurricane today, approaching North Carolina and the mid-Atlantic states over the coming week. It remains uncertain if Chris will affect oil production.

The trade conflict between the U.S. and China continues to concern the financial markets. An escalation of the conflict could affect oil prices as well. Less global trade, or even tariffs on crude oil, could weigh on oil prices.

On Friday, the five remaining members of the Iranian nuclear deal, which lifted sanctions against Iran, presented a package of economic measures to Iran, and talks will continue over the coming weeks ahead of the U.S. reimposing sanctions against the country with effect from next month. Iran has warned that it may potentially block shipments through the Strait of Hormuz as retaliation for the sanctions. Around a third of all seaborne crude oil passes through the strait.

Not much on the economic data front other than ECB president Draghi speaking. Overnight sees Chinese CPI and PPI; consensus is an improvement of the data. Later this week, the International Energy Agency (IEA) and OPEC will publish their monthly oil market report, which could cause some 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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Mixed news keeps intraday volatility elevated
A/S Global Risk Management Ltd.

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