Daily Oil Fundamentals

Global Market Drivers Find More Sympathy in Bourses than in Oil

01 Oct 2024

Global Market Drivers Find More Sympathy in Bourses than in Oil

Described eloquently elsewhere as 'window dressing', the US bourses again registered new highs as longs were determined to register a very positive end to a successful stock market quarter. This is despite a return to conservative ways by the language deployed by Jerome Powell yesterday. In a speech to the National Association for Business Economics, the Federal Reserve Chair remarked on impending rate decisions that “the risks are two-sided, and we will continue to make our decisions meeting by meeting.”

Daily Oil Fundamentals

Solid Global Economic Outlook, Ominous Geopolitics

30 Sep 2024

Solid Global Economic Outlook, Ominous Geopolitics

Whilst fully acknowledging the headwinds that prevent oil from crawling convincingly higher, last week can be characterized as powerfully bullish. To begin with, the escalation of the conflicts between Israel and Palestine has reached new heights.

Daily Oil Fundamentals

The Bark Seems Worse than the Bite

27 Sep 2024

The Bark Seems Worse than the Bite

The impact of yesterday’s report by the Financial Times on Saudi Arabia preparing to unwind 2.2 mbpd of voluntary cuts must not be exaggerated. It must be taken at face value. It was the confirmation of a pre-agreed deal. It is the timing that was curious as the change in Saudi/OPEC+ strategy comes as Brent is trading sub-$80. Adding around 180,000 bpd per month for 12 months starting in December will loosen the oil balance and probably lead to global stock builds in 2025.