Energy Update Texas regulator unlikely to succeed where OPEC failed Next week, the Texas Railroad Commission could mandate measures to curb oil production in Texas for the first time since the 1970s. However, even if they do decide to curtail output, we think that the... 30th April 2020 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report US crude stocks rose again last week, but the pace of the builds is showing more signs of slowing. We expect stocks to continue to increase until the coronavirus-related quarantine measures are fully... 29th April 2020 · 2 mins read
Energy Outlook Little upside for prices until lockdowns are lifted The global spread of the coronavirus has dealt an extraordinary blow to energy demand, and – for as long as the containment measures remain in place – it is hard to see much upside for prices. However... 28th April 2020 · 17 mins read
Commodities Weekly No respite for oil yet Well-placed fears that the world is fast running out of storage for crude buffeted oil prices this week. On an extraordinary day of trading, the spot price of WTI fell deep into negative territory on... 24th April 2020 · 7 mins read
Energy Update Compliance by OPEC’s allies to improve over time OPEC’s allies recently agreed to cut output from May. While compliance with quotas is usually sub-par, we think that adherence to the quotas will be greater this time, in part because oil prices are... 24th April 2020 · 3 mins read
Commodities Outlook It can only get better At the time of writing, economic activity has ground to a halt around the world owing to virus containment measures. For the most part, commodities prices have plunged given the collapse in demand. We... 24th April 2020 · 19 mins read
Commodities Update WTI tumbles below zero as the oil storage runs out The spot price of WTI turned negative yesterday in large part owing to the nature of trading in the futures market. That said, the price slump has some fundamental underpinning as demand is very weak... 21st April 2020 · 3 mins read
Commodities Weekly Too soon to call a recovery News of a record 9.7m bpd cut to output by OPEC and its allies failed to prop up oil prices, which fell again this week. As long as virus-containment measures continue to depress demand, we expect oil... 17th April 2020 · 7 mins read
Energy Update SPR buying to have limited impact on oil prices The collapse in oil prices in recent months has incentivised governments to increase their strategic petroleum reserves (SPRs). However, we don’t think that it will provide a boost to prices. 17th April 2020 · 2 mins read
OPEC Watch OPEC Monthly Oil Market Report (Apr.) OPEC production surged in March after talks between OPEC and its allies broke down. While we expect output to remain relatively high in April, OPEC production should be much lower from May onwards... 16th April 2020 · 3 mins read
Energy Data Response US Weekly Petroleum Status Report US crude and product stocks soared again last week as the virus-related disruption continued to weigh on demand. We expect crude stocks to rise further in the coming weeks, but the recent OPEC+ deal... 15th April 2020 · 2 mins read
Commodities Weekly Prices hang on the outcome of the OPEC+ meeting Despite the apparent conviction of US President Trump, much uncertainty remains over whether Saudi Arabia and Russia will manage to strike a deal in today’s OPEC+ meeting. Our best guess is that the... 9th April 2020 · 8 mins read
Energy Update What to expect from the OPEC+ Meeting There is huge uncertainty about the outcome of Thursday’s OPEC+ meeting. For what it’s worth, we suspect that a large and unconditional output cut is unlikely. Even if we are wrong, we think a... 8th April 2020 · 3 mins read
Commodities Update Rice prices to tumble by 20% by end-2020 Export restrictions and stockpiling associated with the coronavirus may continue to support the price of Thai rice for the next few months. However, we expect that prices will fall back by the end of... 8th April 2020 · 3 mins read
Energy Chart Pack Oil prices to remain low even if OPEC+ cut supply Despite the prospect of a massive Saudi Arabian-led production cut, the price of oil has remained low in recent weeks amid a coronavirus-related collapse in demand. By contrast, coal and natural gas... 6th April 2020 · 6 mins read
Commodities Weekly All eyes on OPEC+ (again) The price of Brent crude surged by 30% this week after President Trump suggested that Saudi Arabia and Russia were close to agreeing an eye-watering 15m bpd output cut to combat COVID-19’s hit to... 3rd April 2020 · 7 mins read
