Market News Round-Up Reports

All hail China!

17 May 2023

All hail China!

Weak, sluggish and disappointing. That’s what pessimists would have you believe with regard to the current economic outlook. Concerns over the health of the global economy and oil demand prospects have been front and centre of the oil markets of late. We’ve long argued that the bearish price action is unjustified, a sentiment echoed by the IEA in its latest monthly oil report released yesterday. The Paris-based agency expects global oil demand will increase by 221,000 bpd in 2023 to average 102 mbpd, 180,0000 bpd more than its previous estimate. Moreover, global oil consumption is expected to hit an all-time high of 103 mbpd in August.

Market News Round-Up Reports

Overbaked – Part II

16 May 2023

Overbaked – Part II

It was neatly outlined in yesterday’s note why our cynical selves would be inclined to make a considerable downward revision in oil prices – simply because the underlying overwhelmingly bullish fundamental backdrop is being overlooked for now and economic anxiety caused by high borrowing costs, brewing credit and debt crises makes investors wary and risk-averse.

Daily Oil Fundamentals

Invisible Strings

Invisible Strings

The move higher continued unabated yesterday and justifiably so. Or, if we could be slightly more nuanced, it looks as though some pre-EIA profit taking in crack spreads helped crude oil rally greatly aided by financial...