Daily Oil Fundamentals

Masses of Endeavour, Little Return

30 Aug 2024

Masses of Endeavour, Little Return

Oil prices have endured a topsy turvy week where M1 Brent futures on Monday rallied $2.56/barrel to $81.58, spent the next two days giving nearly all back by dropping to a low of $77.95 on Wednesday, and sits almost mid-range at $80.00 at time of press. It is a short-term technician's nightmare and trade bias sees bulls being bears, bears being bulls in something of positional fluidity. Do not look now, but right-wing observers will accuse Brent of being woke. Levity aside, the lack of commitment in price and the feeling that whoever is left on the field of trading battle is either all in or all out thus creating herd-like moves.ecutive daily loss must have raised red flags. Tension in the Middle East and Eastern Europe must be supportive.

Daily Oil Fundamentals

Gloom and Doom

29 Aug 2024

Gloom and Doom

A glance at the chart of any of the five major oil futures contracts reveals that the oil complex is bound by its range established this month – and it is the lower end, which is under pressure but is holding. Consequently, it is premature to conclude that the only way is down, yet, given the quality of news the second consecutive daily loss must have raised red flags. Tension in the Middle East and Eastern Europe must be supportive.

Daily Oil Fundamentals

Iran, Israel, Nuclear Talks and NVIDIA, the Churn Continues

28 Aug 2024

Iran, Israel, Nuclear Talks and NVIDIA, the Churn Continues

Since breaking below the 200-day moving average in the middle of last month, both WTI and Brent have an air of inevitable failure each time they try to retake the most important slowest mean, and so it proved the case yesterday. Technical exhaustion coincided with what seemed a cooling of affairs as the exchange of missiles between Hezbollah and Israel, in hindsight, did not warrant the fear of impending conflict spread.