Daily Oil Fundamentals

Solid EIA Report Brutally Countered by US Job Growth Revision

22 Aug 2024

Solid EIA Report Brutally Countered by US Job Growth Revision

On Tuesday night the API laid down the foundation of a move higher and the EIA built on it. The latest set of US oil inventory data can be a viewed as a vote of confidence in the resilience of the US economy – there were drawdowns all around with products supplied by refiners, the proxy for demand, also encouraging.

Daily Oil Fundamentals

Oil Unwinding from Middle East, Equities Winding up to Wyoming

21 Aug 2024

Oil Unwinding from Middle East, Equities Winding up to Wyoming

Yesterday's turbulent price moves in the oil complex point to not only a thinned trading populace but one that is seeing faith drain from those that have remained loyal to the bullish cause. Crude futures have now lost around 5% of value in 3-trading sessions.

Daily Oil Fundamentals

China Weighs Heavily on Sentiment and Prices

20 Aug 2024

China Weighs Heavily on Sentiment and Prices

The optimism about the health of the global and US economy appears unbroken. A Fed rate cut in September is fully priced in with a split of 25%/75% for 50bps/25bps, the CME FedWatch tool implies. Equities are rallying. The Nasdaq Composite Index gained 14% since the early August low including yesterday’s advance of 1.39%.