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Up, up and away

It was another good day at the office for those of a bullish disposition. Brent and WTI tacked on more than $3/bbl on Thursday to settle at a two-month high. Spearheading the current move higher is a combination of demand optimism and supply tightness. The near-term demand outlook is poised to get a significant boost [...]

2022-05-27T12:42:06+00:00May 27th, 2022|

Refinery runs on the rise

Neither of yesterday’s two main events, the minutes from the Fed’s May meeting and the EIA statistics on US oil inventories dented the current enthusiasm. The masters of the US monetary policy seemed to have formed a consensus that implies two 0.5% of rate increases in the coming meetings. Supply chain bottlenecks, Covid-related lockdowns and [...]

2022-05-26T09:20:58+00:00May 26th, 2022|

Push & Pull

The game of price ping-pong shows no sign of ending. Brent and WTI swung throughout the session yesterday in volatile trading only to finish more or less where they started. Opposing price drivers kept both crude benchmarks pinned within a relatively narrow range. On the push side, the prospect of tightening supply is underpinning upside [...]

2022-05-25T08:30:26+00:00May 25th, 2022|

White House on the offensive

A relatively quiet day produced no fresh developments in the oil balance as Russia shows no signs of easing its aggression in Ukraine and the stalemate within the EU to agree on the details of the oil embargo continues. The oil market took its cue from equities. US stocks that were on the verge of [...]

2022-05-24T10:37:59+00:00May 24th, 2022|

Ready. Set. Rally.

Another week, another volatile market. Volatile trading has been a familiar theme across the energy complex in recent weeks and last week was no different. Brent and WTI traded in a range of $10/bbl. Yet despite a lot of two-way price action, crude oil prices were largely unchanged over the last five trading sessions. Both [...]

2022-05-23T07:46:46+00:00May 23rd, 2022|

Desperately searching for an explanation

As noted on the pages of this report a few weeks ago financial markets are defined as complex adaptive systems where understanding the individual components does not lead to the understanding of the whole. This definition was fitting yesterday when a uniquely bullish weekly report on US oil inventories, which basically confirmed the upside bias [...]

2022-05-19T08:39:32+00:00May 19th, 2022|

One step forward, two steps back

It was a day of two halves for the oil market. Prices initially extended their run higher amid a host of bullish catalysts. First and foremost was the light at the end of China’s COVID tunnel. Worries about China’s economic slowdown took a breather after Shanghai set out plans for the return of more normal [...]

2022-05-18T08:31:05+00:00May 18th, 2022|

Change of guards

Grocery prices are skyrocketing, utility bills are rising, it costs more to fill up your car than three months ago. The impact of Russia’s invasion is felt everywhere. No wonder that investors are being cautious and high inflationary pressure triggered a calculated exit from most of risky assets last week. Despite Friday’s relief rally global [...]

2022-05-16T10:57:42+00:00May 16th, 2022|
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