Resurgence of the Virus The virus is making a comeback in the United States as the number of infections rose past the 2 million mark. This has focused minds in the market on the worry of a second wave which is pushing oil contracts to their first weekly decline in seven weeks. Asian Gasoil Cracks …
Tag archives: WF
Crude extends losses on ‘second wave’ fears
The crude market extended losses overnight as a surge in U.S. Coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s biggest consumer of crude and fuel. Traders are concerned about signs that Coronavirus cases in the U.S. are continuing to rise and topped …
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Brent August 20 Morning Technical Comment – 240 Min
FIS Technical – Brent August Daily
FIS Technical – Brent August Daily To view the full report please click on the link
Oil Through the Looking Glass 11/6/20
Unexpected Build? The EIA confirmed a large build in US crude stocks at 5.7 mil bbls to put stocks at 538.1 million bbls, a historic record excluding US strategic reserves. This was caused largely by the shipments from Saudi Arabia from the price war pumping in March and April. We knew from the effects on …
Oil Through the Looking Glass 10/6/20
The Glut is Back Those of you who have been watching your crude ticker this morning will see many red numbers on the screen. The reason for this has been the switch of sentiment to concerns about oversupply. We have had reports late last night that the API have predicted a large build in US …
Oil Through the Looking Glass 9/6/20
Easing of Lockdown Bounce Prices have been rising on Brent as hopes that the global recovery post covid-19 will be swift, bringing normal levels of demand back to the battered market. Prices on front month futures have pushed above the $40 level and even Goldman Sachs has raised its oil price forecasts to a $40.40 …
#moreforless – the new shape of OPEC+ supply policy?
Saudi Arabia’s extra voluntary oil-production cut, which came on top of the OPEC+ supply curbs, will cease at the end of this month as demand recovers. Energy Minister Prince Abdulaziz bin Salman said the kingdom’s additional reductions, which amounted to about 1.2 million barrels a day including contributions from its closest allies in the …
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OPEC+ squabbles as family tensions mount
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group. But they failed to agree to holding the meeting to discuss it with the wider group. The alliance that’s …
Oil market gripped by ‘rabid optimism’ for now at least
OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting. Russia and several other OPEC+ nations favor extending the group’s current output curbs by one month. The cuts …
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