Oil and Dollar – A self-reinforcing feedback loop
There is an intimate relationship between the oil price and the USD. Looking back at the crude oil price and the USD Index since 2013 they are mirror images of …
Tagg: bjarne schieldrop
Market does not care about US shale, but it should. It is now growing as it did in 2014
Yesterday’s US EIA Drilling Productivity Report (DPR) showed that US crude oil production is now growing at a marginal rate of 1.3 mb/d/yr and as strongly as …
Hitting $70/bl – Are there any buyers left?
Yesterday Brent crude hit the 2015 high of $69.63/bl before crossing the $70/bl line with an intraday high of $70.05/bl (and thus the highest since 2014) while …
OPEC calls for sub-$60/bl but market heads for $70/bl, while US oil production is steaming ahead
Iran’s oil minister Zanganeh yesterday intervened verbally in the oil market by stating that OPEC’s members do not want Brent crude oil above $60/bl …
Hostile Trump may incite Iran to use China’s Yuan denominated oil contract
Donald Trump must certify the Iran nuclear deal every 90 days to ensure US sanctions are waived. He did not do so on 13 October 2017, and is unlikely to sign …
Iran protests drives Brent yet closer to $70/bl
Brent crude traded up 0.5% this morning to $67.2/bl on the back of continued protests (20 killed so far) in Iran with concerns for potential disruptions of its …
US crude oil 2018 production forecast by EIA still too low
Price action – Higher on Nigeria strike, Fortis pipeline outage, lower oil rig count, softer USD and positive equities Brent crude is gaining 0.9% this …
Down to $61.1/b with EM and metals. Time to buy
Over the past week Brent crude has sold down 3% along with EM equities (-3.5%), Industrial metals (-2.8%) plus some headwind from a 0.5% stronger USD. While …
The cutters should utilize seasonal strong demand in H2-18 to wind down cuts
Headlines this morning gives the impression that all are now on-board for extending the cuts to the end of 2018. Reading in more detail however shows that it …
Risk for OPEC dissapointment and a short term sell-off as all bets are on the long side
Marked has placed all chips on the long side betting on an extension of OPEC/non-OPEC production cuts which officially ends in Q1-18. In general we do think …