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So far Jess has created 385 blog entries.

The Comeback Kids

The energy complex recovered further from its post-OPEC slump yesterday as market players shifted their focus back to tightening oil fundamentals. Morgan Stanley said that the oil market will experience a stronger deficit in 2H21 than 1H21. As a result, it expects Brent to trade in the mid-to-high $70s over the remainder of the year. [...]

2021-07-23T09:17:42+00:00July 23rd, 2021|

Bouncebackability

All good things come to an end and so it was with the weekly streak of US crude oil inventory draws. Yesterday’s EIA stock report revealed that US crude stocks unexpectedly rose by 2.1 million bbls in the week to July 16, ending a run of eight straight weekly declines. Spearheading this increase was a [...]

2021-07-22T08:08:09+00:00July 22nd, 2021|

All eyes on the EIA

A sense of calm returned to the energy complex yesterday after Monday’s tumble. Bottom pickers entered the fray as prices overshot to the downside and in doing so helped both crude markers edge higher. Brent tacked on 73 cts/bbl to finish at $69.35 while WTI gained 85 cts/bbl to settle at $67.20/bbl. Even so, the [...]

2021-07-21T09:49:25+00:00July 21st, 2021|

Oil takes a beating

The script was simple: OPEC and its allies would reach an agreement on future supply and in doing so pave the next leg higher for oil prices. Alas, the reality turned out to be very different. Although the new OPEC+ agreement provided some clarity on the group’s near-term production path, the fact that baseline production [...]

2021-07-20T09:19:39+00:00July 20th, 2021|

Holding firm

In times of uncertainty, it is best to play it safe and keep things steady. OPEC’s latest oil forecasts, released yesterday, are testament to this school of thought. The agency kept its major underlying assumptions unchanged. Among them is that global economic growth and therefore oil demand will extend its blistering recovery this year. World [...]

2021-07-16T09:03:07+00:00July 16th, 2021|

Dispute tentatively settled

The oil market has been facing two, not necessarily headwinds, but sets of turbulence. On the demand side of the oil balance the running amok of the Delta variant of the coronavirus causes headaches amongst investors. In some parts of the world mobility restrictions are being lifted, but in other parts lockdowns are being re-introduced [...]

2021-07-15T07:52:19+00:00July 15th, 2021|

Limbo-land

Trouble is brewing for the oil market. That was the message from the IEA’s latest monthly report, released yesterday. A double whammy of headwinds in the shape of surging Delta infections and the OPEC+ impasse is making for a tense backdrop. The World Health Organisation recently warned that the Delta Covid-19 variant, which spreading fast [...]

2021-07-14T08:16:09+00:00July 14th, 2021|

In a holding pattern

Last week’s OPEC+ stalemate did not exactly dent the underlying confidence, but it certainly made investors cautious. The initial rally that greeted the fallout between the United Arab Emirates and Saudi Arabia was quickly overtaken by worries of a potential supply glut. These concerns, however, eased in the second half of last week, mainly supported [...]

2021-07-13T07:18:49+00:00July 13th, 2021|

A ticking time bomb

With great uncertainty comes great volatility. This truism was on full display in the oil markets last week. The OPEC+ drama left traders uncertain about the future of oil prices and the alliance itself. The initial reaction to Monday’s breakdown in talks sent Brent to a fresh three-year high while WTI hit its highest level [...]

2021-07-12T07:38:13+00:00July 12th, 2021|
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