In this morning's appearance on CNBC Squawk Box, we discussed the potential for the Brent-WTI spread to move closer to parity given increasing production and exports from Nigeria and Libya, and how this could close the door on US exports. Hark, click on the below mugshot to launch to the clip:Continue Reading
Crude is rebounding into the weekend after yesterday's solid dose of the WBWs (whoop-bang-wallops, lest we forget). Although prices are now mired below their 200-day moving averages, after dropping ~15 percent from mid-last month, some bargain-hunting has entered into the fray at the end of the week. Hark, here are five things to consider in oil markets today:Continue Reading
Last night's appearance on CNBC Asia addressed yesterday's rout in the oil market, as well as the disparity between apparent OPEC production levels and its exports. It's always fun to chat with my friend, the mighty Dan Murphy. Hark, click on the below mugshot to launch to the clip:Continue Reading
Naming and shaming was the theme of last night's appearance on CNBC Asia, as we discussed which members of OPEC seem to be in compliance...and which do not. In conclusion: OPEC compliance is lumpy. Hark, click on the below mugshot to launch to the clip. (Quotes from other parts of the interview are also in this CNBC article).Continue Reading
Oil has got the wobbles after yesterday's rally, giving up gains as the dollar bounces from its lows. As OPEC compliance comes under scrutiny once more, hark, here are five things to consider in oil markets today.
Crude prices are getting up off the canvas after being knocked down yesterday, helped up by a falling dollar ahead of lots of Fedspeak. Nonetheless, prices are holding in their tight range, as OPEC compliance seems to have more holes than a donut factory, while dollar strength should return soon as a U.S. March rate hike looks increasingly baked into the donut cake. Hark, here are five things...Continue Reading
In honor of Valentine's Day, oil prices are following the arc of Cupid's arrow, and heading higher. Although another likely bearish weekly inventory report lies in store tomorrow, production cut expectations carry more influence - at least today - to encourage a rally. Hark, here are five things to consider in oil markets today.Continue Reading
Happy Nonfarm Friday! Better-than-expected job creation last month is supporting sentiment on this first Friday of February, and crude is being swept along with this, being boosted as well by the announcement of sanctions on Iran. Hark, here are five things to consider in oil markets today:Continue Reading
Crude is starting the week by charging lower, as supportive rhetoric from OPEC over the weekend has done little to allay fears of ongoing strong supply this year - especially if OPEC does indeed end production cuts mid-year, and should U.S. production continue to show signs of life. Hark, here are five things to consider in oil markets today.Continue Reading
Happy Nonfarm Friday! It is the first Friday of the year, hence we get our first monthly dose of official US employment data. Job creation last month was below expectations, but was offset by upward revisions to prior months, while wage growth also improved to the fastest pace in seven years, adding a positive hue to the report.
Dollar strength off this report is helping to keep crude in...Continue Reading