$76 and counting

It was a case of another day, another dollar for the oil market on Thursday as the two leading crude markers approached multi-year highs. Brent topped $76/bbl for the first time in two weeks while WTI edged towards the $74/bbl mark. The latest advance came as oil bulls basked in the supportive afterglow of Wednesday’s [...]

2021-07-30T07:43:03+00:00July 30th, 2021|

Growth worries are put on hold

Uneven economic growth due to the spread of the Delta variant of the Covid virus and the inequality in vaccine rollouts is a very clear and present danger that is likely hinder unabated march higher in risky assets. Yesterday, however, these fears were on the back burner thanks to the weekly EIA report on US [...]

2021-07-29T09:06:30+00:00July 29th, 2021|

Struggling for direction

Last week’s wild price swings have given way to calmer sessions. Brent and WTI were little changed for a second day running on Tuesday. Pricing pressures have been temporarily put on hold amid the ongoing tug-of-war between Delta variant concerns and expectations of crude deficits. Yet while the energy complex settles into a holding pattern, [...]

2021-07-28T07:17:32+00:00July 28th, 2021|

Uneven recovery causes headwinds

If the impact of the Delta variant of the coronavirus has ever been in doubt it is enough to have a quick glance at the performances of assorted stock indices. The MSCI Asia-Pacific (excluding Japan) index has lost more than 4% this month, whilst the S&P 500 index has gained nearly 3%. Asian economies are [...]

2021-07-27T08:39:16+00:00July 27th, 2021|


Those returning from a week-long holiday could be forgiven for thinking that excitement has been in short supply across the oil market of late. After all, Brent only managed to gain 51 cts/bbl last week while WTI tacked on 26 cts/bbl. Yet these modest weekly changes bely what was a rollercoaster week for the energy [...]

2021-07-26T08:11:18+00:00July 26th, 2021|

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|


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|
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