The current run higher has been fierce, convincing, and uncompromising. It started towards the end of August and apart from the odd, occasional, and brief prof-taking the march higher has continued unabated. In fact, such has been intensity of this move that the voices of those advocating $100/bbl oil prices in the not-so-distant future are [...]
Oil markets were back on the front foot yesterday after Monday’s wobble. Chinese growth concerns stoked by a recent flurry of disappointing economic data took a breather as prices took their cues from the ongoing energy crunch. Fuel shortages coupled with the prospect of a colder winter than normal cemented fears that countries would struggle [...]
Surprising? It is not. Unexpected? Not really. Timely? Probably. Long-lasting? Implausible. The latest leg up started nearly two months ago. The oil complex bottomed out at the end of August. Since then, December Brent has gained 35% from high to low. December WTI has done even better with a jump of 36% but the CME [...]
On the face of it, the recent rally in oil prices ought to have taken a breather last week given that bearish catalysts were in plentiful supply. For starters, the IMF cut its growth outlook for major economies, including the US and China. Shortly after, the release of minutes from the Federal Reserve’s last meeting [...]
The IEA offered something for both bulls and bears in its latest monthly report. On one hand, it said that current shortages of natural gas, LNG and coal are providing a fillip to the oil complex. On the other, it warned that surging energy prices are fuelling inflationary pressures which in turn could dampen the [...]
Those still searching for confirmation that the oil market is set for further tightening in the year-end period should look no further than the latest monthly reports from OPEC and the EIA. To begin with, both agencies lifted their near-term demand forecasts. OPEC raised its 4Q21 global oil demand estimate by 120,000 bpd to 99.82 [...]
The oil price rally took a breather yesterday after three straight days of gains. Stagflation worries percolated into the energy complex as market players fretted over slowing growth and higher prices. Better said, it is finally dawning on traders that the current price environment may act as a drag on the global economy. Brent retreated [...]
Oil prices extended their bull run on Monday to reach fresh multi-year peaks. Fears of an energy crunch kept upside potential intact while worries about slowing growth were put on the back burner. Both crude markers gained more than $1/bbl with the US benchmark settling above the psychological $80/bbl for the first time since November [...]
As if some of the main actors on the stage of the global economy were reading from the same script in the middle of last week. Oil prices hit multi-year highs on Wednesday due to the combination of expected tighter supply for the remainder of the year and the astronomical rise in worldwide natural gas [...]
The fairytale crude rally that pushed Brent above $80/bbl looked to be in trouble on Thursday. Both crude markers kicked the day off with chunky drops amid the prospect of Russia stepping up gas supplies together with the release of crude stocks from the US SPR. Yet oil prices bounced off their lows to turn [...]
