Posts by Author

Matt Smith

OPEC report highlights temporary production drop, ongoing oversupply

on
On Tonya Harding’s 45th birthday, the crude complex is on thin ice once more. The US dollar is in ascendancy as the sturdiness of the European economy is questioned once more, while OPEC’s monthly oil report has done little to allay oversupply fears. Jumping into the data action overnight, and Chinese economic weakness manifested itself […]
Categories: Crude oil, Middle East
Tags: |
(ALEXANDER KLEIN/AFP/Getty Images

OPEC battling for US crude market share, while Chinese commodity woes persist

on
Equity markets are lit up today for Diwali, while bond markets are closed to honor our Veterans (all hail). EIA weekly inventories are accordingly delayed until tomorrow due to the government holiday, although last night’s API report has given us a glimpse of what to expect. It yielded a 6.3 million barrel build to crude […]

IEA says US production to drop, prices to remain low

on
Forty-six years after the debut of Sesame Street, and crude has tried to hold on to a positive attitude (think: Big Bird), but is ending up more like Oscar the Grouch. And it can be excused for this grumpy disposition, given another round of poor overnight economic data, combined with a bout of dollar strength. […]
Categories: Crude oil
Tags:

China worries weigh on crude once more

on
On Lou Ferrigno’s 64th birthday, economic concerns are growing to hulk-like proportions. The theme of economic weakness has been kicked off by poor Chinese trade data out over the weekend, compounded by a downward revision to economic growth by the OECD (Organisation for Economic Cooperation). In terms of China, exports dropped by 6.9% (YoY) in October, […]
Categories: Asia, Crude oil
Tags:

Strong jobs report and a stronger dollar weighs on crude once more

on
Swish! schwa-schwa swish-swish swish SWISH! (this morning’s fanfare for Nonfarm Friday was played on brushes sweeping away autumn leaves).
Categories: Crude oil, featured, p2

Fireworks in the crude complex ahead of key jobs report

on
Remember, remember the 5th November, for Guy Fawkes attempted to blow up the UK Houses of Parliament some 410 years ago. Onward to today, and bulls are trying to ignite a rally after prices exploded to the downside yesterday. Fireworks abound, for not only is it bonfire night, but it is also Nonfarm Friday Eve. […]
Categories: Crude oil
Tags: |

West African crude imports head to East Coast, not Gulf Coast, amid global glut

on
As Ralph Macchio celebrates his 54th birthday (make you feel old? me neither, ahem…), the crude complex has tried to kick higher ahead of the weekly inventory report, but is losing the fight against a stronger dollar. While we continue to slowly exit US maintenance season, builds to crude stocks are still underway. Last night’s API […]
Tags: |
Photographer: Stephen Hilger/Bloomberg News.

A persistent theme of rising production, falling revenues

on
It is apt that it is national sandwich day, given yesterday’s first-day-of-the-month onslaught of global manufacturing numbers, and ahead of tomorrow’s return to form in economic data. Hence today we are sandwiched in the middle, pausing for breath. We get a few tidbits of data out in the US – factory orders, vehicle sales – […]
Categories: Crude oil
Workers at the Weatherford rod-pump manufacturing plant prepare to move parts into the plant Thursday, June 26, 2014, in Katy. (Brett Coomer/Houston Chronicle)

Commentary: Mixed manufacturing numbers, ongoing oversupply weighs on crude

on
One hundred and two years after the birth of Burt Lancaster, and oil prices feel like they are going to be stuck in mid-forty dollardom ‘From Here to Eternity’. A downbeat backdrop to November has been unfurled by Chinese manufacturing data, combining with signs of ongoing supply strength to weigh on crude prices once more. […]
Categories: Crude oil

Today’s economic weakness, tomorrow’s natural gas oversupply

on
On the 70th birthday of the Fonz (aka Henry Winkler), commodities are trying to stay cool amid a bearish barrage of news. We have had Q3 earnings from Exxon Mobil and Chevron to round out big oil’s reporting; both fell in lockstep with the trend of the other members – falling profits but strong downstream […]
Tags: | |