Oil Through the Looking Glass 25/8/20

*Gulf Coast Refineries Shut Ahead of Storm, Gasoline Soars As 82% of the Gulf of Mexico production is shut down due to the storms and hurricanes that are battering the coastline which equates to nearly 1 million barrels a day, the gasoline futures rallied on the news of the shutdown. The day ended with the …

Oil Through the Looking Glass 24/8/20

*China’s July Diesel Exports Hit Five Year Low China’s diesel exports fell by two thirds comparing to last July, as weakening demand from overseas has forces refineries to concentrate on domestic consumers. Only 550,000 tons were exported in July, a drop of half of levels seen only in June according to Reuters. Yet, domestic demand …

Morning Oil Report 24/8/20

Good morning all. Brent futures were down 2 cents, or 0.1%, to $44.33 a barrel by 3:16 am GMT, while WTI futures slipped 2 cents, or 0.1%, to $42.32 a barrel.   With the markets moving into a soft contango and the front-month struggling to breakout topside even as broader risk market stabilize, traders have …

Ship Shape – A Sleeping Bull in a China Shop

Sleepy Joe may have confirmed Kamala Harris as his running mate for the US Presidency, but there is another sleepy factor lurking in the background, ready to bring either fireworks or a quiet slide into obscurity towards the end of this year. The world has endured a period of huge upheaval. From the virus outbreak …

Morning Oil Report 21/8/20

Good morning all. Brent futures were up 17 cents, or 0.4%, at $45.07 per barrel at 5:05 am GMT, while WTI futures rose 13 cents, or 0.3%, to $42.95 per barrel.   US initial jobless claims for the week ended Aug. 15 was reported at 1.11 million, higher than analysts’ expectations of a 925,000 gain …