Easing Corona concerns gives oil a small rebound
Brent crude is rebounding 0.5% this morning to $62.4/bl following yesterday’s sell-off which took it down to an intraday low of $61.25/bl. Goldman was early out stating that a…
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Another geopolitical jolt for oil markets?
Oil prices surged in the first week of the new year following a US airstrike which killed Qassem Soleimani, the head of the Iranian Revolutionary Guards’ overseas forces.…
Repeated losses of supply in Libya in 2020 seems likely
Libya’s oil production (1.1 m bl/d in December) is now estimated to have fallen to close to zero as General Haftar has closed ports and pipelines under his control. So far there…
Increased OPEC power in 2021 requires demand revival
Brent crude rebounded almost 1% yesterday to $64.62/bl and continues to tick a little higher this morning but still below the $65/bl mark. The signing of the US – China trade…
OPEC+ in comfortable position as U.S. shale oil slows down
This week is the week of monthly oil market reports from the three main energy organisations IEA, EIA and OPEC. The US EIA is first out with its monthly update today at 18:00 CET.…
Not a single drop of US blood or mid-east oil
After having spiked to almost $72/bl at the start of the year the Brent crude oil price has now fallen back to $65.3/bl. Left, right and centre analysts are stating that we have…
Very little middle east risk premium in Brent crude
Though the market was duly warned about upcoming Iranian retaliation attacks on US installations and armed forces the oil price still spiked up to almost $72/bl following the…
Iraqi oil production and exports at stake
The Brent crude oil price spiked 3.6% on Friday to $68.6/bl on the back of the US killing of the Iranian general Qassem Soleimani. This morning it jumps 2.3% to $70.2/bl. Though…
US shale oil production growth slowing sharply
The US EIA yesterday released its monthly drilling and productivity data. It showed that US shale oil production is slowing down even faster than they assumed just one week ago in…
The strongest Brent crude oil curve since May-2019
Baring the attack on Saudi Arabia in September which spiked the front-end of the Brent crude oil curve up to $71.95/bl for a moment and thus pushed the Brent curve into steep…