-Chart for Brent is flatlined -Mind the caveats from the Bank of England. Traders cherry-picked an assessment from the OECD that the global economy would fare better than first expected, ignoring the pessimism from early in the week from BP, the IEA and OPEC. A drain on US commercial crude oil inventories and gasoline, … More The Daily Dose; Brent Prices Seem Happy Where They Are, for Now.
-The lower-for-longer mantra was prophetic -US crude oil inventories skewed by temporary factors. The computers are taking over the market. Crude oil prices were up in early morning trading after the American Petroleum Institute reported yet another draw on US commercial crude oil inventories. Data, however, are skewed by the impact of Hurricane Laura, which … More The Daily Dose; Told Ya So, Says Bob Dudley
Risk level: RED RED: Severe (+/- 4%) ORANGE: High (+/- 3%) YELLOW: Elevated (+/- 2%) BLUE: Guarded (+/- 1%) THE BOOSTER SHOT -There’s no going back to normal. -BP expects $55 crude at most through 2050. Reality may have finally descended on the crude oil market. The price for Brent crude oil has been on … More When Volatility is Volatile