Daily Oil Fundamentals

Easter Will Not Bring Peace for Markets

17 Apr 2025

Easter Will Not Bring Peace for Markets

While the EIA inventory report did not produce much of a shock, the lower than forecasted build of 515kb in Crude stock enabled market participants to look at the increased draws in products and the issue of refinery runs. The market will have to wait for next week’s data for a true reflection as disparity between the 1.8mb exports in Crude and the published build is labelled an ‘adjustment’.

Daily Oil Fundamentals

Temporary Relief from China

16 Apr 2025

Temporary Relief from China

Both oil and equity prices drifted slightly lower as investor are trying to assess that amidst the chaos caused by Donald Trump’s tariff war, which country or products might be exempted from the punitive measures. This uncertainty will likely remain the impediment to any protracted rally in risk assets.

Daily Oil Fundamentals

Demand Forecasts, Tariff Turns and Earnings; Reasons to Be Fearful

15 Apr 2025

Demand Forecasts, Tariff Turns and Earnings; Reasons to Be Fearful

Last week, the US EIA aggressively cut its 2025 global oil growth demand to 900kbpd and 1mbpd for 2026 citing an occluded economic outlook, uncertainty in international trade and the increased supply from OPEC+. We will look more closely into how the OPEC and IEA report stack up in tomorrow’s missive, but for now it is sufficient to say that OPEC’s monthly contribution paints a much kinder outlook to oil proceedings.