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Brent briefly reached $70 yesterday... the highest since 2014

By A/S Global Risk Management.



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Updated on 12 Jan 2018 09:14 GMT

Brent briefly touched $70 yesterday, the highest since 2014; but at the time of writing, the price is back into the $68-69 levels.

Bullish sentiment picked up yesterday as the UAE oil minister stated that OPEC will maintain the current oil production cut deal through 2018 and that markets will likely balance this year. In addition, the Energy Information Administration (EIA) earlier this week pointed to a crude oil production slowdown of almost 300,000 barrels per day last week; likely due to the extreme cold sweeping over the country. In its monthly forecast, the EIA predicts global oil production to be slightly higher than global oil consumption this year. The U.S. oil production is projected to pass the 10 mio. barrels per day level this year according to various analyses.

Adding to the geopolitical risk premium is news of armed forces in Yemen potentially blocking the Red Sea shipping lane which is a hub for transport of crude oil from the Middle East towards Europe.

Turning to economic data, overnight Chinese trade balance came out mixed with higher than expected exports, but also lower than expected imports data. Yesterday's ECB meeting minutes pointed to members being pleased with recent development in the European economic development. Today's most closely watched data will be U.S. retail sales and inflation data.

Check out our Annual Oil Market Outlook, which has just been published. In the report, we give our take on the events and developments which have and will affect the oil market, including the expectations to the oil price development over the year.



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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