Daily Oil Fundamentals

Ominous Friday

30 May 2024

Ominous Friday

The road back up to $90/bbl is paved with anxiety about inflation. The support that was based on the ever-brewing Israeli-Hamas tension and manifested in the brutal attack on Palestine civilians over the weekend and on the buoyant view on Chinese economic fortunes presented by the IMF was pulled yesterday afternoon as some kind of reality check set in, which sent oil prices $1.50/bbl down from intra-day highs.

Daily Oil Fundamentals

Relief Rally

28 May 2024

Relief Rally

The jump in oil prices observed on Friday was followed through yesterday in what was proved to be a quiet session due to bank holidays both in the US and in the UK.

Daily Oil Fundamentals

Never a Dull Day

24 May 2024

Never a Dull Day

Those who grew in confidence that the bottom might have been found yesterday afternoon after a dollar rally in crude oil prices saw their hopes ruthlessly shattered by the close.