We recently discussed Iraqi flows to the U.S., and how they continue to exhibit strength. Iraqi flows to the U.S. last year averaged just under 600,000 bpd, up a third from 2016's volume. While January deliveries were robust, clambering above 700,000 bpd, they were even more impressive to Asia, rising to a record.Continue Reading
It is both the best and worst of times for the current Iraqi oil market. Iraqi oil minister Jabbar al-Luaibi said this week that Iraqi oil fields in the south of the country had recorded an 'unprecedented' surge in daily exports from Basrah during the last month. All the while, loadings in Ceyhan, Turkey, of crude from the Kirkuk pipeline in the north of the country continue to remain in check...Continue Reading
Brent crude prices were propelled to a two-year high yesterday, triggered by concerns about a Kurdish referendum vote to seek independence from Iraq. Although the vote is non-binding, a yes vote would pave the way for negotiations to secede from Iraq.
Neighboring countries such as Iran and Turkey are against the referendum, fearing that it will stoke separatist sentiment among the Kurdish...Continue Reading
The double whammy of yesterday's EIA drilling productivity report - showing rampantly rising shale production next month - combined with a bearish OPEC monthly oil market report, has sent oil prices scampering lower, testing key support levels on both Brent and WTI. With more twists and turns in the coming days than the Monaco Grand Prix, hark, here are five things to consider in oil markets...Continue Reading
Oil is charging lower to start the new week, as the monthly OPEC oil market report has done little to assuage oversupply concerns - despite the cartel's proclamations of production cut compliance and upward revisions to oil demand growth. Hark, here are five things to consider in oil markets today:Continue Reading
The mood of crude has flipped again, with optimism rising ahead of the NOPEC meeting at the weekend. Even though doubts persist, for today, oil prices push higher. Hark, here are six things to consider in oil markets today.Continue Reading
Good day! With Nonfarm Friday now behind us, we can look forward to a week of oil-specific monthly releases from IEA (tomorrow), OPEC (Wednesday) and EIA (Thursday).
As the spotlight swings onto another meeting of global producers - this time in Istanbul this week - rhetoric out of Saudi and Russia is once again encouraging an oil rally. Hark, here are five things to consider in oil markets...Continue Reading