This morning's appearance on the set of CNBC's Squawk Box was a whirlwind tour of what is on our mind here at the good ship Clipper: falling Saudi exports to the US, rising Libyan exports, strong product demand, and crude being mopped up in Asia. Hark, click on the below mug shot to launch to the clip:Continue Reading
Crude has run into a wall of resistance today and fallen over, after sprinting full pelt at fifty-dollardom for the last week and a half. While we see some supportive elements appearing in our ClipperData, some startling signs of salubrious supply have sent the bulls running for the hills today.Continue Reading
Back in late May, Saudi Oil Minister Khalid Al-Falih said that 'exports to the U.S. will drop measurably', as the OPEC Kingpin adjusted its focus to reducing exports to the world's most transparent energy hub.
Exports from Saudi to the U.S. take approximately seven weeks to arrive - hence, as we swiftly approach the end of July, we can see from Saudi deliveries this month that they are not...Continue Reading
It's good to see Saudi Oil Minister Khalid Al-Falih jumping on the tanker-tracking train (well, you know what I mean), highlighting that participants in the OPEC / NOPEC production cut deal need to reconcile production with exports, and that oil exports are now the key metric to monitor. (Come on in, the water is fine!).Continue Reading
We've had more energy-related newsflow than we can shake a stick at this week, with the triumvirate of monthly reports from the EIA, IEA and OPEC. The crude complex looks to finish the week with a solid gain, as positivity relating to demand distracts us from ongoing strong supply - at least for now. As we head into the weekend, hark, here is a cornucopia of crude and energy-related tidbits to...Continue Reading
In last night's appearance on CNBC Asia, we discussed how exports need to drop for this market to really start to tighten (you may have heard us mention this before...). Hark, click on the below mugshot to launch to the clip:Continue Reading
Six months after the implementation of the OPEC production cut deal to reduce output by 1.2 million barrels per day, and we should be well on our way towards rebalancing - yet prices have just reached a new low for the year.
OPEC actually exported more crude in June than it did in October (the production cut deal reference level), while total global crude exports are over 10 percent higher...Continue Reading
Earlier in the week we discussed how lower Saudi export loadings in April are translating into lower arrivals on U.S. shores this month. This has prompted some to ask whether Iraq has stepped up to fill this supply gap.Continue Reading
We discussed back in early May how Saudi Arabian crude export loadings in April had dropped materially. Given the journey time to US shores (hark, seven-ish weeks), the expectation was that we would start to see lower volumes reflected in the June data. And sure enough, as we prepare to exit June stage right, arrivals are on the decline.Continue Reading
As domestic production continues to roar back, the U.S. is importing light crude at an increasingly stronger pace. After light crude imports dipped to around 1 million barrels per day in early 2015 - as U.S. production peaked at 9.6mn bpd - imports have rebounded steadily since, while production waned through the latter half of 2015 and the first half of 2016.Continue Reading