Oil prices have been on a relentless retreat over the past three days. Technical supports have
been broken under and the prospects are looking increasingly grim. This view was confirmed by
the Chinese inflation data released overnight.
Hurricane Beryl has not only dumped water on all in its path, but it has also quenched some of the bullish fervour that was slowly developing within the oil fraternity. The Port of Houston, pipelines and other associated infrastructure have been taken offline, but the market reaction is curiously muted.
Even by current standards there was a lot to ponder, evaluate and assess last week. Just think of the abundance of national elections, the variety of PMI releases, the smorgasbord of US job data and the copiousness of crucial US stock readings.
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