-US employment figures mask underlying weakness -Oil market downturn means some reserves no longer count. Crude oil prices moved largely on US news in the previous session, with another sizeable draw on commercial crude oil inventories supporting the bulls. The direction for commodities was determined again by the US economy on Thursday, with weekly jobless … More The Daily Dose; Jobs, jobs jobs jobs jobs.
-Geopolitical tensions return with a vengeance. -Market perceptions collide with market reality. Geopolitical tensions collided with economic pitfalls to drag on crude oil prices in early Friday trading. On Thursday, the White House spelled out a decidedly competitive policy on China, arguing US interests must be protected against Beijing’s ambitions of reshaping international norms. In … More The Daily Dose; You Might Not Like “Normal”
-Expect a W-shaped recovery in oil markets -The quarantine economy pushed US production back two years Market forces are curbing US shale output, supporting a rally in crude oil prices that’s extended for most of the month. OPEC+ restraint remains firm, though new production curtailments are not even a month old. Demand, meanwhile, is starting … More The Daily Dose: W-shaped rebound
The GERM Report 