Market News Round-Up Reports

A new beginning?

19 May 2023

A new beginning?

With less than two weeks to go before the US runs out of cash, optimism is building that both sides of Congress will come together to prevent the unthinkable. Policymakers in Washington hinted yesterday that a bill to raise the US debt ceiling may be put to a vote next week. This encouraging development spurred hopes that the current deadlock will follow the same outcome of previous standoffs, namely that there will ultimately be some kind of agreement.

Market News Round-Up Reports

Products to the rescue

18 May 2023

Products to the rescue

The mid-day scare caused by the unforeseen swelling of US crude oil inventories quickly dissipated yesterday afternoon after the release of the US oil stockpile report and the oil complex built on the morning gains. The bellwethers of this impressive move higher were products in general and RBOB in particular. US gasoline inventories plunged 1.4 million bbls over last week and they are 0.8% lower than last year and 5.1% below the 5-year average as the US driving season is knocking on the door.

Market News Round-Up Reports

All hail China!

17 May 2023

All hail China!

Weak, sluggish and disappointing. That’s what pessimists would have you believe with regard to the current economic outlook. Concerns over the health of the global economy and oil demand prospects have been front and centre of the oil markets of late. We’ve long argued that the bearish price action is unjustified, a sentiment echoed by the IEA in its latest monthly oil report released yesterday. The Paris-based agency expects global oil demand will increase by 221,000 bpd in 2023 to average 102 mbpd, 180,0000 bpd more than its previous estimate. Moreover, global oil consumption is expected to hit an all-time high of 103 mbpd in August.