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OIL: Oil Up for the Week on Sanctions Risk. 

OIL
BulletEnergy BulletsCommodities
  • News of potential new Russian sanctions saw oil prices enjoy a three-day rally, but that ended overnight.
  • The IEA reiterated yesterday that they forecast large surpluses next year, even with OPEC+ confirming no increase to supply.
  • IEA estimates that on current output levels the oversupply expected could reach 950,000 barrels per day.
  • Having opened at US$70.43, WTI oscillated around those levels until the IEA statement before dropping to $69.14 only to finish at $70.02 and despite a sell off down to $69.87 in early Asia trading, has rallied back to $70.04.
  • WTI is set for a strong week thanks to the Russian sanctions news finishing +4.20% higher.
  • Brent followed a similar trading pattern, having opened at US$73.60, it quickly fell to $72.42 only to close at $73.40 where it has hardly moved all day and is on track to finish +3.30% up for the week.
  • US Treasury Secretary Janet Yellen said that ‘a softer global oil markets might create an opportunity for further action against Russia’s energy sector,’ whilst Donald Trump’s selection as National Security Advisor Mike Waltz reiterated that a ‘return to maximum pressure on Iran’ is a policy priority (as per BBG).
  • Canada has indicated that it is examining export taxes on oil to the US as a potential option should President Trump start a full-scale trade war. Export taxes would drive up the cost of oil for US consumption.
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  • News of potential new Russian sanctions saw oil prices enjoy a three-day rally, but that ended overnight.
  • The IEA reiterated yesterday that they forecast large surpluses next year, even with OPEC+ confirming no increase to supply.
  • IEA estimates that on current output levels the oversupply expected could reach 950,000 barrels per day.
  • Having opened at US$70.43, WTI oscillated around those levels until the IEA statement before dropping to $69.14 only to finish at $70.02 and despite a sell off down to $69.87 in early Asia trading, has rallied back to $70.04.
  • WTI is set for a strong week thanks to the Russian sanctions news finishing +4.20% higher.
  • Brent followed a similar trading pattern, having opened at US$73.60, it quickly fell to $72.42 only to close at $73.40 where it has hardly moved all day and is on track to finish +3.30% up for the week.
  • US Treasury Secretary Janet Yellen said that ‘a softer global oil markets might create an opportunity for further action against Russia’s energy sector,’ whilst Donald Trump’s selection as National Security Advisor Mike Waltz reiterated that a ‘return to maximum pressure on Iran’ is a policy priority (as per BBG).
  • Canada has indicated that it is examining export taxes on oil to the US as a potential option should President Trump start a full-scale trade war. Export taxes would drive up the cost of oil for US consumption.