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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Brent oil price heading for $80?

By A/S Global Risk Management.



Michael Poulson, Senior Oil Risk Manager at Global Risk Management. Image credit: A/S Global Risk Management


Updated on 12 Sep 2018 07:23 GMT

The weekly oil stocks data from the American Petroleum Institute (API) showed a whopping 8.6 mio. barrel-draw in crude oil stocks last night where only a small draw was expected. Along with another hurricane - Florence - heading for the U.S. East Coast, oil prices headed upwards.

According to the Russian energy minister, there could be a new long-term cooperation agreement on the way between a group of OPEC members and Russia from December this year. OPEC and some non-OPEC oil producers already have a production cut agreement which took effect from January 2017 to cut output in order to reduce global oil inventory surplus.

In a monthly report, the Energy Information Administration (EIA) lowered its expectation to U.S. crude oil production next year from 1.02 mio. barrels per day to 840,000 barrels per day to 11.5 mio. barrels per day.

This afternoon, the weekly EIA oil inventory report is published. If the API data is confirmed, oil prices could be supported further. Consensus is a small draw in crude, builds in distillates and gasoline inventories. Expect volatility in oil prices around the publishing (16.30 CET). Also potentially causing some volatility is the release of the monthly oil market report from OPEC 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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