Daily Oil Fundamentals

The Weekend Awaits

11 Oct 2024

The Weekend Awaits

Oil prices have once again become defensively bid as another weekend approaches. Those that have taken to the buyside of the market can hardly be blamed for not wanting to come in Monday morning with an unspeakable incident having occurred without any sort of upside cover. Reluctant or not, net-long positioning has once again inflated and using MifID data, Bloomberg report the sharpest increase since 2018 from funds and their like.

Daily Oil Fundamentals

Gather Ye Rosebuds While Ye May

10 Oct 2024

Gather Ye Rosebuds While Ye May

Paradoxically, the recent, seemingly encouraging, performance of the oil market has shown just how worrying prospects are going forward. Prices are still around $7/bbl higher than at the beginning of October, but the weakness of the last two days demonstrated that in the absence of an actual supply disruption, nothing could provide prolonged price support.

Daily Oil Fundamentals

Do Not Blink, You Will Miss it

09 Oct 2024

Do Not Blink, You Will Miss it

Yesterday, the oil market performed more pirouettes than might be seen at the forthcoming season in the Nutcracker ballet. Bulls were armed with Israel's chat on possible targeting of Iran's oil infrastructure and possible damage from Hurricane Milton while bears with the lack of specific stimulus from China and Hezbollah jawboning a possible truce with Israel.