OPEC+ tightens the front. Producers lean on the back
We are quite confident that OPEC+ will be successful in tightening up the front end of the oil market thus keeping the Brent crude oil 1mth contract in $60+/bl territory over the…
Analys
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Saudi: ”Cut or be doomed”
This is basically the message that Saudi Arabia is sending to OPEC+ ahead of today’s OPEC meeting and tomorrow’s OPEC+ meeting. According to an unnamed OPEC delegate Saudi…
OPEC+ removes the downside price risk
Russia and Saudi Arabia agreed over the weekend to continue the cooperation of managing supply of crude oil to the market which was initiated in late 2016 in the so called…
“OPEC-put” gives floor to crude oil prices
Oil ministers in “OPEC+” met in Abu Dhabi this weekend. There were many grades of statements but the overall takeaway was clear: “There will be cuts if needed”. I.e. if…
Towards the end of the sell-off. No business below USD 70/bl
We maintain our view that the sell-off since 3 October when Brent crude peaked at USD 86.3/bl will turn to bullish by mid-November. About one week to go. By then the speculative…
More downside short term – Turn to bullish in mid-November
Brent crude shed 4.2% yesterday closing at $76.44/bl. It has traded slightly to the upside this morning but more downside seems likely in the short term. Bloomberg consensus is…
Crude contango in the US but Brent spot is strong
Crude stocks have been rising in the US and WTI prices have pushed lower and dragged Brent crude prices with them lower with Brent trading at $79.60/bl this morning. The contango…
Rising oil inventories – In the US
US crude oil stocks rose 6.5 m bl last week with Gasoline and Distillate stocks down 2.0 and 0.8 m bl respectively. In total the three were up 3.7 m bl but the market had expected…
Oman leading the way as sanctions hits physical market
Rarely have we seen such a brutal break of a major level as when Brent crude broke above $80/bl on September 24. It did not spend a second looking back (re-testing the $80/bl…
Crude oil comment: Iran 180 degrees?
If you mess with the Middle East then the most natural thing to expect is that you will get a high oil price in return. Donald Trump of course knows this but he still tries to…