Daily Oil Fundamentals
Seemingly Grim Outlook on Supply as well as Demand
04 Sep 2024Seemingly Grim Outlook on Supply as well as Demand
This is a market, which is reluctant to react to bullish news but happy to jump on the bandwagon when the status quo is re-established. There was no price support forthcoming last week when Libya was forced to shut production down and severely restrict exports, yet the agreement to appoint a central bank governor was greeted with a massive sell-off, which sent the price of Brent to its lowest level this year and RBOB close to the trough of 2021.