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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Oil prices trending down on comments of potential US sanction waivers

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 08 Oct 2018 07:44 GMT

The recent steep uptrend in oil prices has turned - at least for now - as news of the U.S. potentially granting waivers to the coming sanctions against Iran, which come into effect from November 4, hit the market on Friday. Allegedly, the comment was that the U.S. may consider exemptions for countries which have already attempted to reduce imports of Iranian oil. The largest importers of Iranian oil are India and China.

Also, the Saudi Arabian crown prince on Friday stated that "Iran reduced their exports by 700,000 barrels a day, if I'm not mistaken. And Saudi Arabia and OPEC and non-OPEC countries, they've produced 1.5 million barrels a day. So we export as much as 2 barrels for any barrel that disappeared from Iran recently."

US Baker Hughes released the oil rig count data on Friday which showed that U.S. drillers cut rigs by 2 to 861, the third consecutive week with drops in the number of active oil rigs.

Tomorrow, the Energy Information Agency (EIA) will publish its monthly report on the oil market, ahead of OPEC's monthly report on Thursday.

On Friday, US Non-farm payrolls data for September was released. According to the data, the US labour market continued to tighten, inflationary pressures continued to mount, pushing up US treasury yields. These had a combined effect of pushing down equity prices, not only in the US but also in Europe. Overnight Chinese Caixin Services PMI data for September came out improved at 53.1 versus 51.5 previous. Yesterday, the Chinese central bank, People's Bank of China, decided to ease bank lending rates - likely in an attempt to offset the potential consequences of the current U.S/Chinese trade war. Other than that, no major economic data releases 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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Oil prices saw huge volatility yesterday as mixed news hit the market
A/S Global Risk Management Ltd.

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