Daily Oil Fundamentals

Middle East Price Reaction Remains Studied

03 Oct 2024

Middle East Price Reaction Remains Studied

Five or ten years ago, oil prices would have shown a very different and violent reaction to missile strikes and bombings in five countries. Needless to say, anything around Israel pulls on historical impassioned attitudes, but in oil terms, the involvement of the more influential Iran ought to bring favour for bulls. Take for example the September 2019 Houthi drone attack on the processing facilities of Aramco's Abqaiq and Khurais that over a weekend rallied the Brent M1 futures price by nigh on $10/barrel.

Daily Oil Fundamentals

Israel Threatens to Retaliate after Iranian Missile Strikes

02 Oct 2024

Israel Threatens to Retaliate after Iranian Missile Strikes

OPEC+ will unlikely deviate from the current plan when ministers gather in the virtual space today, and it will start easing production restrictions to the extent of 180,000 bpd per month from December. Libyan crude oil should make an almost imminent re-appearance in the national market as an agreement to appoint the new head of the central bank was reached.

Daily Oil Fundamentals

Global Market Drivers Find More Sympathy in Bourses than in Oil

01 Oct 2024

Global Market Drivers Find More Sympathy in Bourses than in Oil

Described eloquently elsewhere as 'window dressing', the US bourses again registered new highs as longs were determined to register a very positive end to a successful stock market quarter. This is despite a return to conservative ways by the language deployed by Jerome Powell yesterday. In a speech to the National Association for Business Economics, the Federal Reserve Chair remarked on impending rate decisions that “the risks are two-sided, and we will continue to make our decisions meeting by meeting.”