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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
The oil market is currently caught between the weak macro picture and bearish refined product markets, and bullish crude fundamentals. Economic refinery run cuts would need to be substantial for bearish products to impact the bullish crude according to Vortexa.
The two more extreme future scenarios according to Vortexa are:
- The world moves into recession and oil product demand falls by so much that the OPEC+ voluntary cuts are justified and may even be followed up with more action.
- The seasonal upside to demand and China’s ongoing comeback are resilient enough to overcome wider economic challenges. Then the world may run out very quickly of crude oil. Their data suggests that so far OPEC+ countries have implemented very limited if any production cuts and the global inventory cushion is also low, including depleted US SPRs. OPEC spare capacity estimates may well be very low.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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