Daily Oil Fundamentals

Recession Fears and the Chinese Economy

30 Jul 2024

Recession Fears and the Chinese Economy

The horrendous attack in the Golan Heights over the weekend together with the Ukrainian drone strike on an oil depot in Russia’s Kursk region only provided a brief price support as the new week kicked off. The plausibly rigged Venezuelan election where the incumbent was declared winner leading to security forces clashing with opposition supporters, and which probably will entail renewed US sanctions on the country’s oil exports also failed to provide substantial upside push and so did the planned US Department of Energy purchase of 4.65 million bbls of crude oil in the fourth quarter of the year to replenish SPR.

Daily Oil Fundamentals

Oil Pushed and Pulled, but Overshadowed by Wider Macro Concerns

29 Jul 2024

Oil Pushed and Pulled, but Overshadowed by Wider Macro Concerns

A rather muted opening greets oil prices after Middle East tension is back on the menu due to a reported Hezbollah attack from Lebanon that killed children playing on a football pitch in Israeli-occupied Golan Heights. Our market, in some ways sadly, is becoming immune to such atrocities and what might befall the region in notional conflagration, even with increased aggressive language from the likes of Turkey threatening to intervene with supplies of weapons and support for Palestinians.

Daily Oil Fundamentals

Some Relief, at Last

26 Jul 2024

Some Relief, at Last

We have pointed out on the pages of this note that the interpretation of a news item or development can greatly diverge in a rising from a falling market. Stock draws, wildfires close to oil producing regions or economic buoyancy might be dismissed when the underlying backdrop is sanguine but could provide the perfect excuse to cover short positions after a few days of heavy retreat.