Oil prices finding strength in rapidly declining mid-dist stocks
US crude stocks data ydy showed a build of 9.3 m bl last week which was almost as high as the 10.5 m bl indicated by API the day before. US refineries are running well below…
Analys
Analyser på råvaror från ledande banker och analysföretag. Både längre analysbrev och kortare tradingidéer.
US oil fundamentals deteriorating much more than global
US equities gained 1% yesterday and the USD index pulled back 0.2% but neither commodities in general nor oil prices specifically got any tailwind from that. Brent crude pulled…
Almost unanimous bearish consensus for 2020
Brent crude gained 2.4% on Friday with a close at $60.51/bl on the back of a partial US – China trade deal, Brexit optimism as well as a missile attack on the Iranian oil tanker…
US shale oil production growth to slow sharply in 2020
Baker Hughes US oil rig count has declined by 178 rigs since the recent peak of 888 rigs in mid-November 2018 with latest count now at 710. If anything the rig count decline has…
High risk for repeated attacks. Bearish concerns overstated
For two days in a row the Brent crude oil price has traded quite hard to the downside during intra-day trading before kicking back up again towards the close. A lot of the gains…
More for longer and highly vulnerable ($75-85/bl)
The message from Saudi Arabia is now that it will take longer than first expected before production is fully back to normal. We are also getting military assessments saying that…
US – China trade war with 2.7 m bl/d of Iranian oil at stake
We cannot let go of the fact that China now has dragged oil into the trade war (5% import tariff on US produced crude oil) and what it may lead to down the road if the trade war…
Shale producers ramp up production as pipes to Gulf opens
Yesterday’s report on US shale oil drilling from the EIA was mostly depressing reading for global oil producers. It showed that the completion of wells rose to 1411 wells in…
Mid-dist cracks getting ready to jump on IMO and Gasoline
(What it means: Diesel, gasoil and jet fuel are set to become more expensive relative to crude oil prices while gasoline and high sulphur bunker oil are set to become cheaper…
Brent crude tipping over the technical abyss
Brent crude ydy closed down 1.5% at $58.94/bl. That was the lowest level since early January, below the lows from June and below the technically important Fibonacci price level of…