Daily Oil Fundamentals

Honestly, Who Knows?

01 Aug 2025

Honestly, Who Knows?

After once again blowout results, not even the amazing sight of Microsoft joining Nvidia as a $4 trillion valued company and Apple joining Google as $2 trillion one can inspire the three houses of bourse power, the Dow, S&P and Nasdaq (or as some say, the three horses of the Apocalypse) to march on again to all-time highs. Meta, Microsoft, and Alphabet have spent $186 billion on capital expenditures over the past year, which amounts to nearly all the revenue of the S&P 500 companies.

Daily Oil Fundamentals

Recalcitrant Fed, Rising Distillate Inventories and Tariffs, Tariffs and Tariffs

31 Jul 2025

Recalcitrant Fed, Rising Distillate Inventories and Tariffs, Tariffs and Tariffs

A look behind the raw numbers foretells topping action. As expected, the US central bank kept interest rates unchanged, although the decision was not unanimous, with two governors dissenting. Unsurprisingly, the move irritated the President, who pointed to the 3% economic expansion in 2Q to reiterate his view that inflation is under control and that lowering borrowing costs is inevitable.

Daily Oil Fundamentals

Exhausting, but Never, Ever Dull

30 Jul 2025

Exhausting, but Never, Ever Dull

In two-weeks’ time at the expiry of the first interim trade agreement between the US and China, President Trump will have the final say on whether a copycat ninety-day extension will then commence. As a stability move, it is fine and dandy, but even the most avid optimist could not sell it as a closing-in on a final solution. That may only happen if Presidents Xi and Trump meet and despite the public goodwill aired from both sides of the respective negotiating teams, such a sit-down is unlikely much before the year’s end.