Eye on Energy

US And China Crude Demand Sluggish. WTI Should Decline Below US$80/b In The Near Term. Global Economic, Political & Military Update The US Presidential election continues to keep observers riding a roller coaster as they watch the Democrats agonize over keeping current President Biden or forcing him to resign due to his age and mental […]

US Commercial Stocks Fell Sharply Last Week Lifting WTI Prices. Exports Rose To 4.4 Mb/d. Global Economic, Political & Military Update Politics is front and center as the debate last week showed President Biden is not up to the job now and definitely not for a second term. Even members of his own party are

Total US Energy Stocks Rose 9.4 Mb Last Week. WTI Crude Should Breach US$80/b In The Coming Days. Global Economic, Political & Military Update Mixed economic data continues to sway markets from euphoria to concern as each data piece is scrutinized for signs of economic progress with declining inflation or signs of economic weakness and

Crude Prices Lift On Expectation Of Strong Summer Driving Season. We Are Skeptical! Global Economic, Political & Military Update Economic data in the US so far is not supportive of the Fed lowering their Fed Funds rate the three times previously assumed. The FOMC meeting last week concluded with officials penciling in just one rate

Total US Stocks Grew 11.8 Mb Last Week. Lower WTI Prices Ahead. Global Economic, Political & Military Update Economic data in the US so far is not supportive of the Fed lowering their Fed Funds rate. Today’s CPI report was benign coming in at 3.4% for core, so the Fed is likely to continue its

WTI Crude Plunges Over US$4/b to US$73.10/b As OPEC Plans To Open The Spigots In Q4/24. Global Economic, Political & Military Update OPEC’s announcement to gradually phase out the 2.2 Mb/d of quota cuts (starting October 1st) was not received well by the markets. In the details an agreement to give the UAE a 300

Total US Inventories Grew By 13.2 Mb Last Week. Crude Prices Under Pressure. Global Economic, Political & Military Update Bearish commentary from the Fed meeting notes and repetitive comments by Fed officials that they see no reason to lower interest rates in the near term has spooked markets. There have even been some officials saying

US Stock Build Adds To Downside Price Pressure. A Breach Of US$75/b Is Likely In The Near Term. Global Economic, Political & Military Update Market bulls lifted the Dow over 40,000 last week but worries about interest rates and Treasury record refundings have pulled it back to 39,800, a still overvalued level. Everyone is waiting

WTI Breaches US$77/b On Weaker US Demand And Growing Inventories. Global Economic, Political & Military Update Market bulls jumped all over the bond and stock markets on the tepid CPI report today. They have renewed the call for the Fed to cut rates at their September FOMC meeting. We suspect this is premature as PPI

WTI Crude Oil Falls On Weaker US Demand And Rising Inventories. Global Economic, Political & Military Update Inflation pressure persists in the US leaving the Fed little room to lower rates at the coming meetings. Insurance, housing, food, electricity costs are all making consumers less able to afford what would have been considered basics. Going