Daily Oil Fundamentals

Turkish Delight in the US

22 Apr 2025

Turkish Delight in the US

After the three-day Easter hiatus, the performance of gold, the dollar, equities, and bonds are reliable barometers of the direction the oil market takes. Gold’s astronomical rise continued yesterday with another 2.9% jump, taking the combined return to 15% since April 7 and 33% since the US election last November. The dollar has been in a freefall for the past three months and the parachute has not opened yet as its index against six major currencies reached a nadir not seen for three years. The 10-year Treasury bond yield edged higher also reflecting ominous investor sentiment.

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.