Commodities Watch OPEC springs a surprise Today, OPEC+ announced that it will deepen its oil output cut by 0.5m bpd to 1.7m. More surprising, is that it looks as though Saudi Arabia will cut supply by a further 167,000, despite the fact that... 6th December 2019 · 3 mins read
OPEC Watch OPEC springs a surprise Today, OPEC+ announced that it will deepen its oil output cut by 0.5m bpd to 1.7m. More surprising, is that it looks as though Saudi Arabia will cut supply by a further 167,000, despite the fact that... 6th December 2019 · 3 mins read
OPEC Watch OPEC+ to roll over output cuts There has been mounting speculation that OPEC+ is set to agree deeper cuts at its upcoming meeting. However, we still think Saudi Arabia’s concerns about its loss of market share, and little appetite... 4th December 2019 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks fell last week on the back of increased refinery throughput. However, with stocks well above their historical average, and with the US economy set to slow, this latest report doesn’t... 4th December 2019 · 2 mins read
Energy Update Iranian oil output at low risk of long-term decline Since the imposition of US sanctions in May 2018, Iranian oil production has fallen by nearly 45%. For our part, we think that output would recover quickly if sanctions were lifted. Moreover, we see... 27th November 2019 · 3 mins read
Energy Watch Russia to put OPEC+ compliance at risk There is a high risk that a ramp-up in production in Russia pushes OPEC+ output above quota. While we don’t expect this to have a significant impact on prices it would be an additional reason for... 25th November 2019 · 5 mins read
Commodities Weekly Commodities still on the sidelines The prices of most industrial commodities traded in a narrow range this week in part owing to stronger-than-expected PMI data from the US and elsewhere. However, the bigger picture is that global... 22nd November 2019 · 7 mins read
India Chart Pack Services holding up better than industry Q3 GDP data due next week are likely to show a further slowdown in India’s economy, with the industrial sector the main source of weakness. However, some comfort can be taken from the fact that the... 22nd November 2019 · 9 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks rose, in large part due to a significant outflow from the strategic reserve. That said, we expect stocks to remain relatively high as the economy slows and demand falters. 20th November 2019 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Nov.) OPEC’s November Report, and recent comments by the organisation’s secretary general, suggest OPEC is becoming more optimistic about the prospects for demand for its crude in 2020. This may be an... 14th November 2019 · 3 mins read
Commodities Update The palm oil price rally has further to run Palm oil prices have soared recently in part because of unfavourable weather, which has clouded the outlook for supply. At the same time, we think that demand from the world’s top consumers is set to... 13th November 2019 · 3 mins read
Energy Update The palm oil price rally has further to run Palm oil prices have soared recently in part because of unfavourable weather, which has clouded the outlook for supply. At the same time, we think that demand from the world’s top consumers is set to... 13th November 2019 · 3 mins read
Energy Update Aramco IPO won’t have a big impact on the oil market We think that the forthcoming Saudi Aramco IPO is unlikely to have much of an impact on Saudi Arabia’s oil policy or on global oil prices either now, or in the future. Instead, Saudi output in the... 7th November 2019 · 2 mins read
Energy Data Response US Weekly Petroleum Status Report US commercial crude stocks rose on the back of higher net imports and a fall in inputs to refineries. We expect a slowdown in the US economy to lead to further builds in inventories in the coming... 6th November 2019 · 2 mins read
Energy Chart Pack Oil prices to tread water, for now Despite signs that the global economy continued to slow in October, only coal prices fell. While we expect global growth to remain subdued in the year ahead, we think that a recession will be avoided... 5th November 2019 · 5 mins read
Energy Focus Measuring the risk premium in the oil price The September attacks on oil facilities in Saudi Arabia re-ignited discussion of the “risk premium” in the oil price. Since the risk premium is not directly observable, we have created a methodology... 31st October 2019 · 13 mins read
