Daily Oil Fundamentals

The EIA Giveth and the EIA Taketh Away

09 May 2024

The EIA Giveth and the EIA Taketh Away

The difference between voluntary and mandatory data submission can sometimes be as much as 2 million bbls. The latest downturn in oil prices was triggered last Wednesday when the EIA registered an unexpected build of 7.3 million bbls in crude oil inventories. It made amends yesterday when it reported a draw of 1.4 million bbls against a build of 509,000 bbls seen by the API.

Daily Oil Fundamentals

Crudes Give Back Half of the Year’s Gains

08 May 2024

Crudes Give Back Half of the Year’s Gains

What a difference a week makes. WTI and Brent, even more so, were riding a sentiment that continued to ignore the possibility of a Gaza ceasefire, poor Distillate performances and shifting sands from the macro suite while boasting lofty backwardation in M1/M2 spreads.

Daily Oil Fundamentals

Escalate, De-escalate, Escalate

07 May 2024

Escalate, De-escalate, Escalate

After a dismal week, which saw Brent losing $6.54/bbl and WTI falling $5.74/bbl some relief was provided Friday afternoon much to the satisfaction of the Fed chair. US job growth slowed more than forecast in April and unemployment crawled up by 0.1% to 3.8%.