Daily Oil Fundamentals

Narrowing Crude Backwardation is a Red Flag

06 Feb 2025

Narrowing Crude Backwardation is a Red Flag

Although the presence of Donald Trump was still keenly felt over our market yesterday, some order was re-established. Focus shifted away from the guessing game, headline trading that shaped investor sentiment lately and genuine worries about the oil balance ensured that the move down, which started in mid-January continues after an upside correction on Tuesday. Headline EIA numbers are to blame.

Daily Oil Fundamentals

Having a Much Better Hand, the US President Plays Trumps

05 Feb 2025

Having a Much Better Hand, the US President Plays Trumps

The breathless pace at which President Trump rolls out policy and the exorcising process of sharing whatever thought is on his mind, leaves the world and markets bamboozled. Yesterday’s late performance alongside Benjamin Netanyahu in which he speculated on a US taking over of the Gaza Strip, turning it into the Middles East’s Riviera and asking the likes of Jordan and Egypt to take displaced Palestinians, tops the board of impulsive delusion. Or, magnificent performance gamesmanship, depending on one’s point of view.

Daily Oil Fundamentals

Align, Re-Align, Repeat

04 Feb 2025

Align, Re-Align, Repeat

If the performance of the US government in the past 72 hours is indicative of future results, then the world will remain a chaotic place under Donald Trump. Before the Trumpian knot is untied (and Gordius would tip his hat to the seemingly disorderly nature of US policy making) it is useful to summarize the circumstances under which the US administration conducts its political and economic agenda.