-WTO adds voice to better-than-expected chorus. -US trade advisor walks back negative trade comments. Crude oil prices were supported by a tailwind from Bank of America, which upgraded its forecast for Brent by more than $5 per barrel. BofA analysts on Monday defended their forecast by noting improvements in demand, along with strict compliance among … More The Daily Dose; “It Could Have Been Much Worse”
Risk level: RED RED: Severe (+/- 4%) ORANGE: High (+/- 3%) YELLOW: Elevated (+/- 2%) BLUE: Guarded (+/- 1%) THE BOOSTER SHOT -JPMorgan goes all in on oil price rally forecast. -Global distraction is adding a risk premium to the market. Another week, another dramatic rise in the price of crude oil. Even with stark … More Global Distraction is a Market Risk
-Demand signals are louder than COVID concerns. -Russia looks set to end OPEC+ constraint. The futures structure for Brent crude oil moved into slight backwardation in late Thursday trading after Iraq and Kazakhstan pledged to uphold their curtailment obligations to OPEC. Backwardation, where late-month contracts trade at a discount to the market, signals the oversupply … More The Daily Dose; Backwardation Baby.
