As the US closes its doors to Venezuelan crude, we see more cargoes heading to Asia, with India as the primary destination amid talk of PdVSA seeking to barter for its oil.
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US sanctions on PdVSA and Venezuela are already having a significant impact. Imports of clean products into Venezuela were halted for 11 days from the end of January, while Venezuelan crude exports to the US have dropped considerably.
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Venezuelan president Nicolas Maduro said this week that PdVSA is willing to retaliate against financial sanctions from the U.S. by suspending oil exports to the country, sending crude to Asia instead.
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This morning's appearance on CNBC's Squawk Box addressed the impending OPEC meeting, and how Saudi continues to lead the charge in the production cut, and will dictate the shots going forward. Hark, click on the below mugshot to launch to part of the clip:
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After trying to grab ahold of the fifty dollar handle, WTI has lost its grip and is sliding lower in forty dollardom once more. Even though U.S. inventories look set to descend through August, global oversupply concerns are overshadowing this supportive influence. Hark, here are some things to consider in oil markets today.
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Rumors and murmurs suggest that Saudi is not only cutting exports again in September, but is choosing to swing these flows away from the east, and towards the west once more. Nonetheless, crude prices are still ticking lower on this eighth day of the eighth month. Hark, here are some OPEC observations to consider:
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As pockets of geopolitical tension leave the crude market neither shaken nor stirred, hark, today we dig into some of these hotspots to see what their energy flows look like, and how they could be impacted:
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With the U.S. dollar being dealt a most solid dose of the whoop-bang-wallops (WBWs), crude prices cannot help but be propelled higher today. The great British pound on track for its best day since 2008, as the promise of a parliamentary vote on Brexit has sent it on a madcap rally. A super-strong pound (ergo, a weaker dollar) is lifting crude - although the fun and games for crude kick off in...
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As the U.S. dollar climbs higher and higher (and higher), the crude complex is getting blown over by the gale-force headwinds it is providing. We edge closer and closer to the main event of the month (--->>> the OPEC meeting), but for now, hark, here are five things to consider in oil markets today:
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Another week kicks off with oil under the influence of OPEC and producer rhetoric. As prices totter around psychological support at $50/bbl, hark, here are five things to consider in oil markets today:
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It is national flip-flop day, and the oil market is acting accordingly. After reaching a one-month low after six consecutive days of losses, crude has changed direction today, and is relief-rallying into the weekend on easing Brexit fears (ergo, a weaker dollar) and broader improving economic sentiment. Hark, here are five things to consider in oil markets today:
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Forty-seven years after the birth of Ice Cube, and the bullish sentiment in the oil market is thawing once more. As economic conditions continue to look tepid, and supply outage fears melt, crude is moving lower for a fifth consecutive day. Hark, here are five things to consider in oil markets today.
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Forty two years to the day after Erno Rubik invented the Rubik's cube, and the oil market is looking puzzled. As the fear of a potentially hugely huge 0.25% U.S. interest rate hike in June reverberates around the world, a firming US dollar has greased the wheels for an oil sell-off today. Hark, here are five things to consider in the oil market:
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