https://www.bloomberg.com/news/feat...-global-traders-with-new-million-barrel-tanks Africa’s Oil Hub Woos Global Traders With New Million-Barrel Tanks Saldanha Bay’s latest storage tanks are designed to allow blending and minimize losses.
Can't help but to speculate that yesterday's firmness in the back of the curve (supply) telegraphed today's strong rally on inventory draw down.
Ok, get ready, next leg up is gonna start, never mind about CL futures heading south at a great rate of knots.
Crude - especially the tail end of the 2019 curve is firm despite the off day in the equities and a mixed session in Natural Gas. Which is bullish for Crude.
Thanks to the ECB's dismal growth forecast, equities are off once again - but thus far, Crude Oil has not followed the broad equity markets.
What’s your take on the Norwegian Fund dumping oil stocks- most notably “Chesapeake Energy and China’s CNOOC”? Apparently, the trillion dollar fund will continue to invest in companies like BP and Shell according to a CNN business article. It seems as if major players are trying to lower prices, naturally, but the US and Norway have been at the forefront of this expedition. I understand oil is vulnerable due to its volatility, however, someone said to me “oil is moving away from the prototypical price driver of supply and demand”... doesn’t this narrative of following the theory of supply and demand go against that? The lower demand for oil should make this set up a “short trade”. I’m not asking you to defend my set up, I just want to hear your opinion on the general direction.
Thank you, Bone. Based on the article, the overall feeling was that it’s was a dump and run type sentiment. Didn’t know if it meant more than what was written.