Daily Oil Fundamentals

Re-Thinking the Re-assessment

05 Jun 2024

Re-Thinking the Re-assessment

Should our market hold up reasonably well today, we will be brazenly but nervously calling for a bottom – at least for the immediate future. It might well turn out that what we saw on Monday and yesterday morning, in the immediate aftermath of the OPEC+ decision to roll some of the supply constraints over to 2025 and taper the rest between October 2024 and September 2025 was a defensive action against the unexpected element of the ministerial meeting.

Daily Oil Fundamentals

Anything but clear

04 Jun 2024

Anything but clear

Naturally, yesterday was about assessing the potential impact of the weekend’s meeting of major oil producers which form the OPEC+ alliance. To reiterate what was expected: the cartel was widely anticipated to leave quotas unchanged throughout the third quarter and possibly until the end of the calendar.

Daily Oil Fundamentals

OPEC Just Made it Harder

03 Jun 2024

OPEC Just Made it Harder

It is rather unsurprising to see how net longs in WTI, even though increased last week, continue to be at lowly levels.