Prices pull back as market awaits OPEC+ and demand signals
The Brent crude oil August contract traded briefly above the $40/bl line yesterday but has now pulled back again as the market is awaiting a decision by OPEC+ whether to roll…
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Additional cuts is positive for the market and a gift to US/Canada
Additional cuts of 1.2 m bl/d in June from Saudi/Kuwait/UAE yesterday failed to rejoice the oil market and the Brent crude oil price fell 4.3% instead. Today though oil prices are…
The crude oil market in June – Less of a crowded place
Saudi Arabia today reduced its official selling prices (OSPs) to Asia in June and crude oil prices are bouncing 6-9% on the back of that news. It signals that Saudi Arabia sees…
Price action signals a rapidly balancing market (2021 oil is cheap)
It is a huge challenge to be an oil analyst these days because the changes are so fast, the magnitudes are so large and exact numbers are so hard to pinpoint. Early…
Relief rally and saber rattling, but bearish selling pressure is set to return
Oil contracts are having a 10% relief rally today as Monday’s price crash moves away. It was predominantly the small investors who lost their shirts and not the professionals.…
Get me out of my long WTI June position!!!!
Right now, we have a “467 million barrels of financial “get me out of here” taking place in the WTI June contract. After seeing what happened to the WTI May contract on…
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…
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.…