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May 22, 2017

Crude climbs to one-month high early Monday with eye on OPEC deal – Vandana Hari
 

1. Brent had risen to within a whisker of $54 and WTI was back comfortably above $50 — levels not seen for more than a month — early Monday in Asia, as an expected nine-month extension of the OPEC/non-OPEC agreements to curb production by a collective 1.8 million b/d at a meeting scheduled Thursday loomed large on market sentiment. Saudi energy minister and OPEC’s de facto leader Khalid al-Falih, speaking at a Saudi-US CEO Forum in Riyadh Saturday, said, “we think we have everybody on board” for an extension of the cuts to March 2018. Meanwhile, improved investor sentiment was also evident in the Asian stock markets Monday, which were all in the green. Stocks around the world were battered by US President Donald Trump’s political troubles through the first half of last week, but confidence returned toward the end of the week.

2. The oil market will continue paying close attention to the weekly US stocks and consumption data from the American Petroleum Institute and the Energy Information Administration due out Tuesday and Wednesday, as has been the norm for the past few months. But this week, OPEC’s decision holds the trump card, and is prompting the return of bullish sentiment, which had begun to wane.

3. July ICE Brent futures were trading at $53.98/barrel at 0530 GMT (1.30 pm SGT, 11.00 am IST) Monday, up 37 cents from Friday’s close. June WTI was changing hands around $50.74, 41 cents higher. The contracts closed $1.10 and $0.98 higher Friday.

4. Hedge funds and other large speculators, meanwhile, appeared to have hit the pause button on their NYMEX WTI futures trading activity and were sitting on the fence as of May 16 after actively unwinding length in the three weeks prior, possibly poised to start buying again. They had added a modest 200 positions to their net length in the week to May 16, versus the week before, CME data showed. However, with a total net length of 328.95 million barrels, they were still nearly 41% below the record high accumulated as of February 21 this year.

5. The greenback was also recovering somewhat Monday, to trade around 97.296 as measured by the Bloomberg spot US dollar index at 0530 GMT, versus its Friday’s weaker close of 97.142. The dollar typically has an inverse relationship with crude prices, as its gains make the commodity more expensive for buyers holding other currencies. However, the correlation between the two has been weak in recent months.


Data In Sight



Vandana Hari

Founder, Vanda Insights
Singapore

 

Crude InSight – May 19, 2017
Crude InSight – May 18, 2017
Crude InSight – May 17, 2017
Crude InSight – May 16, 2017
Crude InSight – May 15, 2017
Crude InSight – May 12, 2017
Crude InSight – May 11, 2017
Crude InSight – May 10, 2017
Crude InSight – May 9, 2017
Crude InSight – May 8, 2017
VIEWS ON NEWS: OIL THIS WEEK – May 5, 2017
Crude InSight – May 5, 2017
Crude InSight – May 4, 2017
Crude InSight – May 3, 2017
Crude InSight – May 2, 2017
VIEWS ON NEWS: OIL THIS WEEK – April 28, 2017
Crude InSight – April 28, 2017
Crude InSight – April 27, 2017
Crude InSight – April 26, 2017
Crude InSight – April 25, 2017
Crude InSight – April 24, 2017
VIEWS ON NEWS: OIL THIS WEEK – April 21, 2017
Crude InSight – April 21, 2017
Crude InSight – April 20, 2017
Crude InSight – April 19, 2017
Crude InSight – April 18, 2017
Crude InSight – April 17, 2017
VIEWS ON NEWS: OIL THIS WEEK – April 14, 2017
Crude InSight – April 13, 2017
Crude InSight – April 12, 2017
Crude InSight – April 11, 2017
Crude InSight – April 10, 2017
Crude InSight – April 3, 2017
VIEWS ON NEWS: OIL THIS WEEK – March 31, 2017
Crude InSight – March 31, 2017
Crude InSight – March 30, 2017
Crude InSight – March 29, 2017
Crude InSight – March 28, 2017
Crude InSight – March 27, 2017
VIEWS ON NEWS: OIL THIS WEEK – March 24, 2017
Crude InSight – March 24, 2017
Crude InSight – March 23, 2017
Crude InSight – March 22, 2017
Crude InSight – March 21, 2017
Crude InSight – March 20, 2017
VIEWS ON NEWS: OIL THIS WEEK – March 17, 2017
Crude InSight – March 17, 2017
Crude InSight – March 16, 2017
Crude InSight – March 15, 2017
Crude InSight – March 14, 2017
Crude InSight – March 13, 2017
VIEWS ON NEWS: OIL THIS WEEK – March 10, 2017
Crude InSight – March 9, 2017
Crude InSight – March 7, 2017
Crude InSight – March 6, 2017
VIEWS ON NEWS: OIL THIS WEEK – March 3, 2017
Crude InSight – March 3, 2017
Crude InSight – March 2, 2017
Crude InSight – March 1, 2017
Crude InSight – February 28, 2017
Crude InSight – February 27, 2017
VIEWS ON NEWS: OIL THIS WEEK – February 24, 2017
Crude InSight – February 24, 2017
Crude InSight – February 23, 2017
Crude InSight – February 22, 2017
Crude InSight – February 21, 2017
Crude InSight – February 9, 2017
Crude InSight – February 8, 2017
Crude InSight – February 7, 2017
Crude InSight – February 6, 2017
VIEWS ON NEWS: OIL THIS WEEK – February 3, 2017
Crude InSight – February 3, 2017
Crude InSight – February 2, 2017
Crude InSight – February 1, 2017
Crude InSight – January 31, 2017
VIEWS ON NEWS: OIL THIS WEEK – January 27, 2017
Crude InSight – January 27, 2017
Crude InSight – January 26, 2017
Crude InSight – January 25, 2017
Crude InSight – January 24, 2017
Crude InSight – January 23, 2017
VIEWS ON NEWS: OIL THIS WEEK – January 20, 2017
Crude InSight – January 17, 2017
Crude InSight – January 16, 2017
VIEWS ON NEWS: OIL THIS WEEK – January 13, 2017
Crude InSight – January 13, 2017
Crude InSight – January 12, 2017
Crude InSight – January 9, 2017
VIEWS ON NEWS: CRUDE COMPASS, Special Issue – January 6, 2017
Crude InSight – January 6, 2017
Crude InSight – January 5, 2017
Crude InSight – January 4, 2017
Crude InSight – January 3, 2017
Crude InSight – December 15, 2016
Crude InSight – December 14, 2016
Crude InSight – December 13, 2016
Crude InSight – December 12, 2016
VIEWS ON NEWS: OIL THIS WEEK – December 9, 2016
Crude InSight – December 9, 2016
Crude InSight – December 8, 2016
Crude InSight – December 7, 2016
Crude InSight – December 6, 2016
Crude InSight – December 5, 2016
VIEWS ON NEWS: OIL THIS WEEK – December 2, 2016
Crude InSight – December 2, 2016
Crude InSight – December 1, 2016
Crude InSight – November 30, 2016
Crude InSight – November 29, 2016
Crude InSight – November 28, 2016
VIEWS ON NEWS: OIL THIS WEEK – November 25, 2016
Crude InSight – November 25, 2016
Crude InSight – November 24, 2016
Crude InSight – November 23, 2016
Crude InSight – November 22, 2016
Crude InSight – November 21, 2016
VIEWS ON NEWS: OIL THIS WEEK – November 18, 2016
Crude InSight – November 18, 2016
Crude InSight – November 17, 2016
Crude InSight – November 16, 2016
Crude InSight – November 15, 2016
Crude InSight – November 14, 2016
VIEWS ON NEWS: OIL THIS WEEK – November 11, 2016
Crude InSight – November 11, 2016
Crude InSight – November 10, 2016
Crude InSight – November 9, 2016
Crude InSight – November 8, 2016
Crude InSight – November 7, 2016
VIEWS ON NEWS: OIL THIS WEEK – November 4, 2016
Crude InSight – November 4, 2016
Crude InSight – November 3, 2016
Crude InSight – November 2, 2016
Crude InSight – November 1, 2016
VIEWS ON NEWS: OIL THIS WEEK – October 28, 2016
Crude InSight – October 28, 2016
Crude InSight – October 27, 2016
Crude InSight – October 26, 2016
Crude InSight – October 25, 2016
Crude InSight – October 24, 2016
VIEWS ON NEWS: OIL THIS WEEK – October 21, 2016
Crude InSight – October 21, 2016
Crude InSight – October 20, 2016
Crude InSight – October 19, 2016
Crude InSight – October 18, 2016
Crude InSight – October 17, 2016
VIEWS ON NEWS: OIL THIS WEEK – October 14, 2016
VIEWS ON NEWS: OIL THIS WEEK – October 07, 2016
VIEWS ON NEWS: OIL THIS WEEK – September 23, 2016
VIEWS ON NEWS: OIL THIS WEEK – September 16, 2016
VIEWS ON NEWS: OIL THIS WEEK – September 09, 2016
VIEWS ON NEWS: OIL THIS WEEK – September 02, 2016
VIEWS ON NEWS: OIL THIS WEEK – August 26, 2016


 
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