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OIL: Oil Continues to Fluctuate As Trump Aims at China.  

OIL
BulletEnergy BulletsCommodities
  • China’s ailing economic growth has at different times, driven oil prices lower on concerns of their demand dropping.
  • As President Trump takes new aim at China with curbs on spending on tech, energy and fees on the use of China’s commercial ships, oil prices have dipped fearing this could challenge China’s growth further.
  • Oil had rallied early on with WTI reaching $70.49, before declining below Friday’s close to reach $70.18.
  • Brent had seen early gains reaching $74.62 before it declined also to $74.30 marginally above the US close on Friday
  • The move lower in oil likely increases the probability of OPEC+ sticking to the postponement of an increase in supply, a subject that draws the attention of President Trump and his demands to lower prices
  • News of supply from Iraq could see a resumption of exports from Kurdistan via a pipeline to Turkey.  Kurdistan is a semi-autonomous region that historically had supplied oil via Turkish pipeline.  Due to a dispute with the Central Government, shipments had stopped.
  • This will pose an interesting dynamic to the supply constraints from OPEC+ that oversee Iraq’s output, given Kurdistan’s desire to start shipments again.
  • The US’s Interior Secretary Burgum has suggested that an opportunity exists for the US to map all deposits of oil and gas on US Federal land to further cement the US’s production capabilities.
  • News of the US President using sanction relief as a bargaining chip with Russia, appear to have the desired effect with the Kremlin as it sees China and India as a more reliable partner (according to BBG) 
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  • China’s ailing economic growth has at different times, driven oil prices lower on concerns of their demand dropping.
  • As President Trump takes new aim at China with curbs on spending on tech, energy and fees on the use of China’s commercial ships, oil prices have dipped fearing this could challenge China’s growth further.
  • Oil had rallied early on with WTI reaching $70.49, before declining below Friday’s close to reach $70.18.
  • Brent had seen early gains reaching $74.62 before it declined also to $74.30 marginally above the US close on Friday
  • The move lower in oil likely increases the probability of OPEC+ sticking to the postponement of an increase in supply, a subject that draws the attention of President Trump and his demands to lower prices
  • News of supply from Iraq could see a resumption of exports from Kurdistan via a pipeline to Turkey.  Kurdistan is a semi-autonomous region that historically had supplied oil via Turkish pipeline.  Due to a dispute with the Central Government, shipments had stopped.
  • This will pose an interesting dynamic to the supply constraints from OPEC+ that oversee Iraq’s output, given Kurdistan’s desire to start shipments again.
  • The US’s Interior Secretary Burgum has suggested that an opportunity exists for the US to map all deposits of oil and gas on US Federal land to further cement the US’s production capabilities.
  • News of the US President using sanction relief as a bargaining chip with Russia, appear to have the desired effect with the Kremlin as it sees China and India as a more reliable partner (according to BBG)