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  • Article / 06 June 2018 at 12:12 GMT

    Crude oil market caught in a flood of conflicting news

    Head of Commodity Strategy / Saxo Bank
    Denmark
    Crude oil market caught in a flood of conflicting news
    WTI Crude oil, down 10% from its recent peak, must currently absorb a lot of conflicting news. Venezuela's output is in free fall; the US has asked Saudi Arabia and others to raise production; there's a widening discount to Brent and solid demand growth is starting to be questioned. Some of these developments threaten to break the harmony within Opec as the members prepare to meet on June 22.
    Read the article
    06 June
    ambro ambro
    Ole, interesting, thanks a lot, any idea for how long the brent wti spread can stay at these levels?
    06 June
    Ole Hansen Ole Hansen
    Charts and tables concerning the EIA weekly stock report can be found on twitter @ole_s_hansen or #SaxoStrats
    06 June
    Ole Hansen Ole Hansen
    @Ambro. US oil and fuel stocks saw its biggest weekly rise since 2008 last week according the EIA report just out. As long US crude oil production...
  • Squawk / 02 May 2018 at 11:59 GMT
    Head of Commodity Strategy / Saxo Bank
    Denmark
    Crude oil is trading steady with WTI currently being stuck in a $66.60 to $70/b range. The Natanyahu surge on Monday proved temporary as the market concluded that he did not provide any information that wasn’t already known and which provided the basis for the 2015 nuclear deal. Instead the presentation was seen as a counter to European leaders who led by France's Emmanuel Macron and Germany's Angela Merkel have stepped up their attempts to persuade Trump to agree to an amendment instead of abandoning the nuclear deal on May 12. His decision remains a major binary event but today the focus has – at least temporary – moved back to hard data with the weekly EIA Petroleum Status Report due at 14:30 GMT.
    Last night the API reported a bigger-than-expected crude build which was off-set by another slump in distillates.
    As usual the report comprises multiple components with production, export/imports as well as Cushing stocks being potential market movers.
    Read the Squawk
    02 May
    matsuri matsuri
    it will be very interesting to see what will Trump do with the Iran deal, considering the fact that he made a clear statement that oil is...
    02 May
    Ole Hansen Ole Hansen
    Crude oil trades softer after the EIA reported a 6.2m barrel stock increase. Gasoline stocks rose by 1.2m barrels while distillates dropped 3.9m barrels. Production rose 33k...
    02 May
    Ole Hansen Ole Hansen
    EIA charts