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14 Jun 2024

Waoouu... 🙄🙄🙄

Seven Chinese solar companies most people haven’t heard of are ALREADY providing more energy for the global economy than Exxon, Chevron, Shell, BP and the other Seven Sisters who once dominated oil production... Source: Bloomberg, David Fickling

14 Jun 2024

Brent Crude Oil could plummet to $60/barrel in 2025 warns Citi

Source. Barchart

10 Jun 2024

Brent oil bullish bets at 10 year low

Source: Bloomberg

6 Jun 2024

Foreign investors have flocked to saudiaramco’s $12 billion share sale, people familiar with the matter said

This marks a turnaround from the oil giant’s 2019 listing that ended up as a largely local affair. The deal attracted significant interest from foreign investors, according to the people, who declined be identified as the information is private. It wasn’t immediately clear exactly how much demand came from overseas, but those investors put in enough bids to more than fully cover the offering, the people said. Source: Bloomberg

5 Jun 2024

Oil prices crash nearly 10% in 5 days over fears around weakening global demand.

Even as OPEC just extended oil production cuts of 2 million barrels per day, oil prices are nearing their 2024 lows. Recent data suggests that US economic activity in manufacturing and construction is slowing. As a result, oil prices are down 16% from their April peak and up just 3% year-to-date Source: The Kobeissi Letter

3 Jun 2024

As expected, OPEC+ agreed to extend its oil supply cuts, delegates said, as the group continues its efforts to avert a global surplus and shore up prices.

The so-called “voluntary” cuts from key members including Saudi Arabia and Russia, which total roughly 2 million barrels a day and were set to expire at the end of June, will continue until the end of 2024, delegates said, asking not to be named because the talks were private. Source: Bloomberg

31 May 2024

Speculators have built the largest Brent Oil short position since 2020

Source: Barchart, Bloomberg

29 May 2024

The US is the largest oil producer in the world, by quite a lot...

Source: Markets & Mayhem, Vivizm

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