Judging by Friday’s finishing numbers week-on-week there is little doubt that the oil complex remains in a state of vulnerability as the M1 months in the major futures contracts finished; thus, WTI -$2.84/barrel, Brent -$3.04/barrel, Heating Oil -8.05c/gal, RBOB -7.13c/gal and Gasoil -$32.5/tonne.
Then it is probably a fudge. The manner in which the OPEC/OPEC+ powers that be vacated the airwaves without so much as dropped comment, let alone a press conference, speaks volumes in terms of members not airing their dirty laundry in public.
Is it such a fantastical notion to think that OPEC have embarked on a campaign of lowering expectation? Wandering around the newswires dropping bearish bombs such as ‘there may be a further delay in the scheduled meeting, a rollover is a possibility’, and the admission that ‘talks are proving difficult’,...
Copyright © 2024 TP ICAP