Daily Oil Fundamentals

Calling On OPEC, Your Market Bulls Need You

05 Dec 2024

Calling On OPEC, Your Market Bulls Need You

Yesterday's price reaction within the oil market was rather counterintuitive. The overnight API data suggested the US had over the previous week, which included Thanksgiving, built stock across the main categories, yet the market continued to show positive leanings. When the official EIA Inventory Report was unveiled, not only was the Gasoline build of 2.36mb much lower than the API 4.6mb, the headline Crude EIA reading was of a 5.07mb draw, whereas the API predicted a build of 1.2mb but curiously WTI and Brent gave away nearly all the gains of the day with products actually falling beyond the previous day's lows.

Daily Oil Fundamentals

Geopolitics in Focus Again

04 Dec 2024

Geopolitics in Focus Again

One does not need explicit signs of demand growth or supply disruptions, the smell of it will tempt battered bulls to get back into the market. Despite the ceasefire agreement between Israel and Hezbollah brokered by the US last Monday and which came into effect a week ago the warring parties exchanged fire and traded accusations of breaching the truce.

Daily Oil Fundamentals

Investors’ Eyes Remain Averted from Oil

03 Dec 2024

Investors’ Eyes Remain Averted from Oil

Once again, those that continue to hold exposure to the bourses of the United States instead of commodity assets such as oil are being rewarded. The S&P and Nasdaq march on to new record highs invigorated by a combination of boorish rhetoric from Donald Trump against BRICS economies that plot against the US Dollar's supremacy and something of a 'Goldilocks' ISM Manufacturing PMI reading.