Daily Oil Fundamentals

Relief, But Not Full Redemption

31 Oct 2024

Relief, But Not Full Redemption

Oil prices have at last found some reprieve due mainly to the higher draws in US inventory and OPEC news. The EIA/DOE report show US Crude stocks fell by 515kb last week, Distillate by 1mb, but with arguably the biggest market reaction coming from the Gasoline draw of 2.7mb. An odd time in the year for Gasoline demand but its proxy for measure, Gasoline supplied, increased to 9.2mbpd on the week from 8.8mbpd.

Daily Oil Fundamentals

Data, Politics and War

30 Oct 2024

Data, Politics and War

We endeavour to take a look at the mooted stimulus from China below, but whether or not the event actually finds fruition may have just been given another pressure. The EU has increased tariffs on Chinese EVs, taking effect from today and lasting five years. The injurious subsidisation, so said, by the China's government for manufacturers, and after a long investigation led by Ursula von der Leyen, the EU has taken stiff measures and China's bourses are once again fading after the recent rally due to various forms of fiscal intervention.

Daily Oil Fundamentals

So Many Drivers in Markets Will See Investors Take Pause

29 Oct 2024

So Many Drivers in Markets Will See Investors Take Pause

The oil market is trying to regain some of its sea legs and has found some contributary bullish aids in doing so. Yesterday's announcement by the US DoE that it would seek up to another 3-million barrels of additional oil for its Strategic Petroleum Reserve (SPR) refilling, introduces a fundamental buyer into a category which at present has been sparsely populated.