Daily Oil Fundamentals

Politics are Unable to Scupper a Feel-Good Market

05 Jul 2024

Politics are Unable to Scupper a Feel-Good Market

There is no deleterious effect of a sweeping Labour Party win in the UK General Elections and arguably the size of the new government's majority means more of a secure political footing than that of what is happening in Europe. The runoff in France is likely to conclude with a 'cohabitation' and a hamstrung executive that will likely cause more consternation for a debt-ridden economy.

Daily Oil Fundamentals

Hasty Arrival of the Summer

04 Jul 2024

Hasty Arrival of the Summer

Price supportive developments were in abundance of supply, and they were impossible to resist. The only surprise, if there was any, was that oil prices rallied $1/bbl and not more. To begin on the old Continent business growth in the euro zone slowed in June significantly – maybe one more ECB rate cut is in order this year.

Daily Oil Fundamentals

API Crude Draw Mops Up After Beryl

03 Jul 2024

API Crude Draw Mops Up After Beryl

At a time when there is expectation of a tightening supply situation within the oil market, then the reaction to Hurricane Beryl is completely understandable. After all, this is sort of unknown territory, having a storm of such magnitude so early in the summer and being a prelude to the expected record number of storms predicted in the forthcoming hurricane season.