Oil prices saw an even bigger follow through sell-off Wednesday on a surprise jump in supply as the US. The Energy Information Administration (EIA) said oil companies added a surprising 7.3 million barrels of crude into stockpiles during the week ended April 26 in the US that coupled with weaker demand should see softer prices…
Oil Prices sold off on a combination of peace and inflation story. US Secretary of State Antony Bliken has expressed hopes that Hamas will accept the latest Israeli proposal that he termed as “extraordinarily generous”. Latest US data meanwhile showed inflation pressures picking up with the Employment Cost Index reading 1.2% quarter-on-quarter stronger than forecast…
Oil markets stayed on pace with the general dollar dumping with the previous weeks bounce attributed to the possibility of rate cuts possibly driving demand. For now we have little catalyst early in the week which suggest we play a range retreating to the trendline, likely not pushing under last weeks lows. On the top…
Oil Prices benefited from weak US Flash Manufacturing PMI figures at 49.9, technically contraction territory, reviving hopes of a US rate cut. The next FOMC meeting is on May 2 with the primary concern remaining to be persistent inflation pressures. Note as well the numbers actually imply that demand for oil could further weaken before…
Oil prices saw a brief surge Friday on Israel’s retaliatory attack into Iranian territory only fall back to where it opened given the mostly symbolic nature of the attacks underscoring vulnerability of the oil market absent geopolitical tension. We have already heard back from Iran with its Foreign Minister Hossein Amirabdollahian telling NBC News that…
Surprisingly Oil prices Friday settled right where it opened after a brief peek above 91.51, six months high, over the Iranian threat of an attack on Israel, later “Operation True Promise”. We note that oil has largely been buoyed by global conflicts and attempts to constrain supply by OPEC, even as demand remains tepid amidst…