2023-01-30 11:35:00
CHOPPY OIL
Start of a new week at the months end has been very rangebound in terms of the price action on the Oil tabs.
Previous week has been swings on the #BRENT & #WTI with an average of 3%(+/-) on the Bearish bias majorly as we approach the Globex Open.Asia session will shed light on the weekly movement.
Data from hedge funds suggests an increase on their bullish bets on #Brent #Oil to the highest since March 1st 2022.
Money managers’ net-long positions on the Global Oil benchmark rose by 39,690 contracts to 252,142 in the week ending Jan. 24th,shown by the #ICE Futures Europe data on futures and options.
#COT Reports on #CrudeOil in week to January 24th saw speculators focus on #Brent (39.7k to 252k, a 15-month high) with #WTI (+6.4k to 188k).
The combined long data reached a 4-week high at 440k.
All products bought led by #RBOB (+10.5k) and GasOil (+10k).
#NaturalGas shorts seeing a small reduction after the immense volatility,might be a case of Chicken coming home to roost since last year it was pure 'WidowMaker' especially for speculators.
On the sanctions front on Russian Oil,
Ship to Ship (STS) transfer of crude oil have reached record volumes.
It should also be noted that EU extends sanctions against Russia by 6 months the Council said in a statement ;
"The Council today decided to prolong by six months, until 31 July 2023, the restrictive measures targeting specific sectors of the economy of the Russian Federation," the statement reads.
The EU first imposed sanctions against Russia in February 2014 in response to the reunification with Crimea.
"They currently consist of a broad spectrum of sectoral measures, including restrictions on trade, finance, technology and dual-use goods, industry, transport and luxury goods," the EU Council said.
On the other hand,'price caps' are still being served in the menus for Oil complexes with the EU eyeing a $100/barrel cap on Russian premium oil products, $45 on discounted.
An observation on the different variables brings a balance in the scales that put different degrees of pressure within the Oil markets with keen precision,so far we have experienced the smoking barrels blazing in the first half of the month,will the smoke billow ?
From experience,dont be half-cocked or Gung-ho,
Guns at the ready should be your mantra.
Cheers and lovely month ahead from my office.
Andy Warr,
TophatFinanceGroup .
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Earlier:
2023, January, 27, 10:15:00
OIL PRICE: BRENT BELOW $88, WTI ABOVE $81
Brent gained 30 cents, or 0.34%, to $87.77 a barrel, WTI rose 34 cents to $81.35 per barrel.
2023, January, 25, 10:45:00
OIL PRICE: BRENT BELOW $87, WTI ABOVE $80
Brent rose 22 cents, or 0.3%, to $86.35 per barrel, WTI climbed 13 cents, or 0.2%, to $80.26 per barrel.
2023, January, 23, 12:40:53
OIL PRICE: BRENT BELOW $88, WTI BELOW $82
Brent was down 11 cents, or 0.1%, to $87.52, WTI fell 8 cents, or 0.1%, to $81.56 a barrel.
2023, January, 23, 12:25:00
CHINA'S ENERGY UP
China’s National Energy administration (NEA) has announced that the country’s installed capacity increased by nearly 8% 2022.
2023, January, 20, 11:45:00
OIL PRICE: BRENT NEAR $87, WTI BELOW $81
Brent gained 26 cents, or 0.3%, to $86.42 a barrel, WTI advanced 43 cents to $80.76 per barrel.
2023, January, 20, 11:35:00
RUSSIAN DIESEL FOR EUROPE
As a result, Russian diesel makes up 27% of Europe's total 1.69 million b/d of imports in the period, the data showed.
2023, January, 18, 12:00:00
CHINA'S OIL THROUGHPUT DOWN
The lower throughput came as China's GDP expanded 3% in 2022, NBS data showed, lower than the government's annual target of about 5.5%.
