Daily Oil Fundamentals

OPEC’s Hands are Tied

21 May 2024

OPEC’s Hands are Tied

How OPEC/OPEC+ will react to current prices at the June meeting will become the hot topic as the month of May begins to drain away.

Daily Oil Fundamentals

Equivocal Bull Revival

17 May 2024

Equivocal Bull Revival

Brent reached its annual peak of $92.18 on April 12. Yesterday it settled at $83.27/bbl having been as low as $81.05/bb on Wednesday. The burning, albeit rhetorical, question is whether the summit will be re-visited first or another $10/bbl will be shed as optimism has seemingly gone AWOL.

Daily Oil Fundamentals

RBOB is to Blame

15 May 2024

RBOB is to Blame

It has been obvious for a month now that the sentiment on the physical market has considerably deteriorated. Not only have outright prices retreated but structures have weakened, the European crude oil benchmark is now printing below its forward peer whilst it commanded a premium of more than $2/bbl mid-April.