“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…
bjarne schieldrop
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…
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…
Dr. copper has been ringing the alarm bells since early June
Price action – EM debt concerns, copper sell-off and rising US crude stocks Brent crude yesterday rebounded 1.8% to an intraday high of $73.92/bl as the Turkish concerns eased a…
A tight July counters OPEC+ efforts to calm the market
Brent crude fell back 1.1% yesterday to $74.73/bl while it intraday was down as much as 2.4% to $73.74/bl following the forceful message from Russia and Saudi Arabia on Saturday…
Iran – Hard to swallow a double insult
Brent crude fell back 0.3% to $75.08/bl ydy after a strong rebound on Mon but is again up 0.8% this morning to $75.7/bl. It is taking little notice of the escalating trade war…
Brent crude in non-USD as expensive as in 2011 to 2014
In order to reach a consensus and keep the OPEC+ group united the latest proposal on the table for the upcoming meeting of OPEC+ on Friday and Saturday in Vienna is a modest…