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



Brent heads back upwards after breaking below $70 on Friday

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 Nov 2018 08:57 GMT

Brent oil price broke below $70 on Friday and after a highly volatile day ended just above $70.

At the time of writing, however, oil prices are heading back upwards and Brent is around $71.7. Adding to the bullish sentiment is news of Saudi Arabia comments that the huge oil producer is planning a reduction of 0.5 mio. barrels in December compared to November output. According to the Saudi Energy Minister, "we are going to do everything we can to keep inventories and supply demand fundamentals within a reasonable narrow band around balance...". A week into the U.S. sanctions against Iran having taken effect, the talk of the town has gone from supply shortage to risk of a supply glut.

Over the weekend, the Joint Ministerial Monitoring Committee (JMMC) met in Abu Dhabi. According to a press release, the committee noted that the oil producing countries which are part of the 2016 production cut agreement complied with the deal 104% last month. The JMMC will meet in Vienna on 5 December, a day ahead of the official OPEC meeting.

On Friday, the weekly oil rig count from Baker Hughes showed a whopping addition of 12 oil rigs in the U.S to 886, which is the highest in roughly a three-and-a-half years. The U.S. is currently producing crude oil around record levels and could touch 12 mio. barrels per day in production next year according to the Energy Information Administration (EIA).

Turning to the economic data calendar, today sees no major releases, which could cause market jitters, but later this week, Chinese and Japanese key data is released as well as Euro Zone GDP and U.S. Core CPI (inflation).



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:

Make or break - will Brent hit $70 today?
A/S Global Risk Management Ltd.

Latest News:

Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020
Oil and fuel oil hedging market update
OPEC, non-OPEC oil producers agree to cut 1.2m bbl/d
Aegean secures final approval for initial set of motions
MoU signed to test fuel gas and bunkering systems in Busan




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