Straight from the Desk

Syz the moment

Live feeds, charts, breaking stories, all day long.

15 Jan 2024

Oil prices jump back above $75 after the US and UK conduct strikes in Yemen.

We are also seeing gold prices up on the news as fears of a larger war resurface. The primary motive for these strikes was the recent Red Sea attacks by the Houthi group in Yemen. Source: The Kobeissi Letter

12 Jan 2024

Iran seizes oil tanker involved in U.S. dispute off coast of Oman. Crude oil is up 2% on the news

-> Iran has captured an oil tanker previously involved in a Washington-Tehran dispute over carrying U.S.-sanctioned crude, state media said. -> Earlier on Thursday, the U.K. Marine Trade Operations said an unnamed tanker was boarded by armed individuals near the Gulf of Oman and appeared to change course toward Iranian waters. .> The tanker is embroiled in a dispute between Iran and the U.S. and previously surrendered Iranian crude to U.S. authorities following allegations of sanctions violations. -> Bloomberg confirmed that the Marshall Islands-flagged tanker "St Nikolas" is the vessel that was hijacked. A previous report says that St Nikolas was seized by the US last year, sailing under a different name, "Suez Rajan," for transporting unauthorized Iranian cargo. -> Empire Navigation, the vessel's operator, said the tanker was loaded with 145,000 tons of crude from the Iraqi port of Basra and was en route to Aliaga in western Turkey through the Suez Canal. It noted all communication with the vessel had been lost. -> The hijacking incident was near another chokepoint: the Hormuz Strait between Oman and Iran.

8 Jan 2024

A topping pattern on crudeoil? Or simply finding support at a long-term trendline before a move higher? This one needs to be watched closely

A great chart from Frank Cappelleri thru Ryan Detrick, CMT.

22 Dec 2023

Red Sea disruption to oil supplies is overblown, argues Julian Lee. Why?

1. Houthis unlikely to attack Russian ships heading to India & China 2. Saudi pipeline can bypass Bab Al Mandab 3. Iraqi & Saudi shipments to the US don't go through the red sea Source: Bloomberg, Ziad Daoud

20 Dec 2023

The US added the equivalent of a new Venezuela in oil supply during Q4, with less rigs producing more oil as technological efficiency ramps up

This supply growth has exceeded expectations and furled OPEC's attempt to put a floor under prices, at least for now. Source: Markets & Mayhem, Bloomberg

7 Dec 2023

Maybe oil is not that irrational... As shown on the chart below, Oil (purple line) keeps following the Citigroup US Macro Surprises index (yellow line)

The weaker the data, the lower the prices. Sounds logical. Source: TME

7 Dec 2023

BREAKING: Crude oil prices drop below $70/barrel for the first time since July 2023

Since the September 28th high, oil prices are now down ~27%. Meanwhile, the national average gas price is down for 10-straight weeks to $3.25/gallon. Even as OPEC+ agreed to additional supply cuts last week, oil markets are selling off. A welcomed development for global liquidity, for inflation and for the Fed. Source: The Kobeissi Letter

20 Nov 2023

The EV Impact on Oil Consumption by E`LEMENTS / Visual Capitalist As the world moves towards the electrification of the transportation sector, demand for oil will be replaced by demand for electricity

To highlight the EV impact on oil consumption, the above infographic shows how much oil has been and will be saved every day between 2015 and 2025 by various types of electric vehicles, according to BloombergNEF. Link to full article: https://lnkd.in/eYm5iJ8d

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