Showing results for "2 march"

‘Steady as she goes’ OPEC+ policy rewarded by oil markets

  • When OPEC+ takes decisions, markets move. Many analysts were surprised that OPEC+ stayed the course at last Thursday’s ministerial meetings and continued increasing output by 400,000 bpd according to its schedule. Markets liked what they saw: After initially losing ground, oil prices rose ste...
·

Oil: Outlook remains positive going into OPEC+ meeting

  • It is that time of the month again: On June 1 OPEC+, an alliance between OPEC and 10 friendly nations led by Russia, will meet to discuss the way forward on tapering historically high production cuts. The meeting comes at an inflection point: China has powered away since the beginning of the ...
·

Tough decisions for ministers at upcoming OPEC+ meeting

  • The ministers of OPEC+, an alliance between OPEC members and 10 friendly producer nations led by Russia, will meet this week to look at the global oil markets. On April 1, the ministers agreed to ease production cuts by 350,000 barrels per day (bpd) during May and June, and 441,000 bpd in Jul...
·

Tapering of cuts by OPEC+ seems to have judged market sentiment correctly

  • It came as a surprise when OPEC+ decided to put more than 1 million barrels per day (bpd) of incremental oil supplies onto the market over the three-month period from May through July. The measure went hand in hand with Saudi Arabia’s unwinding of its 1 million bpd of voluntary production cuts ...
·

Going into the OPEC+ meeting, oil markets are still affected by COVID-19

  • This is an important week for oil markets.  On Monday, Abu Dhabi established a new futures contract for its crude. The UAE hopes that Murban will become another benchmark for both physical and non-physical market participants. In the long run, it hopes Murban will become a flagship bench...
·

Why what happens in the US does not stay there

  • Tuesday and Wednesday saw the much-anticipated Congressional testimony of US Federal Reserve chair Jerome Powell and Secretary of the Treasury Janet Yellen. The focus was on how much longer the Fed would continue with its dovish policy and whether the $1.9 trillion stimulus package risked ove...
·

$1.9 trillion question: The good and bad in the US COVID-19 stimulus package

  • On Wednesday, Joe Biden’s $1.9 trillion COVID-19 relief package passed through Congress. The much-discussed question was whether it was too big and targeted enough, or whether it posed a danger of overheating the economy. The skeptics could not just be found on the Republican side of the aisl...
·

Oil pierces $70 per barrel benchmark

  • The oil price is on fire: Brent pushed through the $60 per barrel threshold a month ago and early on Monday morning pierced the $70 level. It came back down to $69 per barrel midday CET on Monday morning. These are lofty heights, when only 11 months ago we saw WTI turn negative during that fa...
·

Oil markets ahead of March OPEC+ meeting: Caution may be advisable

  • After the bust comes the boom. Ten months ago, oil saw its worst decline in demand in the commodity’s history. Put that against January and February of this year, when it saw the steepest-ever rally for the first two months of any calendar year. The oil price rally over the last few months ha...
·

Why the reflation trade can work for Gulf economies 

  • US Treasury yields have turned positive. The most significant jump was the 10-year Treasury note, which jumped from 0.72 percent in September to 1.375 percent on Monday morning. The questions to ask are: What is behind the move? What does it mean for equity markets? And what are the implicati...
·

Pages