oil prices

Israel Palestina

Potential implications of conflict in an environment of geopolitical uncertainty: increased security spending, oil disruption and rising risk premia

Morgan Stanley’s Michael Zezas (Head of US Policy) discusses the potential implications of an environment of geopolitical uncertainty, and where there is the potential for more countries to become involved in the recent open conflict in the Middle East. Although he acknowledges that there may be further consequences that are very difficult to predict, he highlights three conclusions where conviction is highest: 1.- Increased spending on Security => European and…

oil barrels

US oil inventories fall to 1982 lows

Norbolsa| Brent continues to rise this week to over $86/B, at the same time that US oil inventory data fell by 15.4 million barrels (1.37 million expected), according to sources citing American Petroleum Institute figures (official data due out today), marking the largest drop in crude inventories since 1982. Oil prices are expected to rise further in the coming months following Saudi Arabia’s reduction of 1m/b per day from July.

OPEC cut to impact Spanish economy

Diesel At 2 Euros A Litre At 780 Spanish Petrol Stations

Fuel prices give no respite. The 20 cents per litre rebate that has been in force since 1 April has partially relieved the pockets of millions of Spanish drivers. But diesel and petrol prices continue to rise at Spanish service stations. Diesel, in fact, has broken a new record this week, reaching 1.872 euros per litre on average, surpassing the price of petrol for the fifth consecutive week. This is…

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The Oil Industry Is Under Pressure, In A Process Of Transformation With A High Impact On The Global Scenario

Portocolom | Oil rose to the highest level in more than six years in New York (78 USD/bl) after the OPEC meeting failed to agree on a production increase. The United Arab Emirates rejected a proposed eight-month extension of production limits. The most immediate effect of the rupture is that OPEC and its allies will not increase production by August and this will deprive the global economy of vital additional…

David Fyfe

“OPEC+ Will Start To Recover Power In The Oil Market As Demand Slump Hits US Output”

Pablo Pardo (Washington) | One of the most exciting stories of the world economy in 2002 is the oil price collapse. David Fyfe, chief economist of one of the world’s largest suppliers of raw materials’ prices, Argus, is aware that the oil market is not going to be the same after this collapse in demand. It will take years for prices to recover – if they do – and US production will be lower.

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OPEC+ To Extend The 9.7 M bpd Cut By One Month; It Means 100,000 Barrels Less Than In June, And Almost 10% Of The Global Supply

OPEC+ agreed over the weekend to extend the cut in oil production until July 31. Mexico has not signed up to the new agreement. The return of 2 million barrels of crude oil to the daily supply will be postponed until that date. In addition, it was determined that Iraq and Nigeria, which have so far failed to comply with the agreed production cuts, will carry out an additional reduction in July.

oil spain1

Historic Drop In The Oil Price: How Will It Affect The Spanish Economy?

Caixabank Research | A fall in the price of oil provides a boost to the economy of countries that are net importers of crude oil, as is the case for Spain. Cheaper oil equates to an increase in the real disposable income of households, such that it also supports aggregate consumption. However, the health crisis that has gripped us following the COVID-19 outbreak will result in this boost derived from a lower oil price not being reflected in the economy, at least for the time being.

oil firms

Not Only Rates But Also Oil Prices Can Go Negative

Julius Baer | The oil market continues to write history. The past days and weeks brought us an unprecedented demand collapse, unprecedented oil politics and the absolute novelty yesterday: negative oil prices. The US benchmark West Texas barrel sank by -305% and became negative at -37.63 $/b. Before you rush to the petrol station, negative prices are a temporary glitch reflecting stressed flows in the futures markets and stressed storage conditions somewhere in the US Midwest.