Daily Oil Fundamentals

Reassuring US Stock Draws

21 Jun 2024

Reassuring US Stock Draws

The gut reaction to the release of the belated Weekly Petroleum Status Report yesterday afternoon was somewhat perplexing. Every major category registered drawdowns: crude oil stocks depleted by 2.5 million bbls, gasoline inventories declined by 2.3 million bbls and distillate stockpiles fell by 1.7 million bbls

Daily Oil Fundamentals

Product Boost

20 Jun 2024

Product Boost

With the US closed trading was thin and the underlying sentiment remains buoyant and hopeful. In a welcome development the product contracts rose significantly with ICE Gasoil now firmly in backwardation.

Daily Oil Fundamentals

Re-invigorated Rate Hopes

19 Jun 2024

Re-invigorated Rate Hopes

Renewed Ukrainian assaults on Russian oil installations and conducive macroeconomic backdrop helped oil prices continue their upward journey.