Daily Oil Fundamentals

Skin in the Game is Required, Not More Words

09 Dec 2025

Skin in the Game is Required, Not More Words

For our oil market at least, it seems as if there is a conspiracy in events to keep us in a quiet range. The United Kingdom hosted Germany, France (coined E3 after being so named in the Iran nuclear deal) and Ukraine in what was hailed as a show of solidarity for President Volodymyr Zelenskyy. To cast a commercial and possibly cynical eye over the proceedings in London yesterday, and further meetings in Europe today involving Zelenskyy, one wonders what has been achieved other than adding more intrigue.

Daily Oil Fundamentals

Supply and Demand, Yin and Yang

08 Dec 2025

Supply and Demand, Yin and Yang

The weekly trading ranges in the two main crude oil futures contracts inaccurately indicate an uneventful period, with prices struggling for direction. WTI moved in a $2.22/bbl range, whilst its European peer managed an even narrower band of $1.92/bbl. The structure at the front, whilst not exactly telling the story of a tight underlying oil balance, remained solid.

Daily Oil Fundamentals

One-Track Thinking

05 Dec 2025

One-Track Thinking

The current pathway to market enlightenment is a narrow road of tracking interest rates. With such shared and crowded focus, foreign exchange, equity and commodity markets start to ball up in a defensive but positive stance. One can never keep a good stock market down in modern climes and even with tepid global manufacturing (as discussed below), buoyant bourses take heart in either good or bad news.