By Paul Sankey
Published on March 24, 2021 at 8:38 AM
Covering global oil markets, you can be sailing along peacefully and from nowhere, a new major event leaves you scrambling. And so a vast container ship blocks the Suez canal. Around 10% of world oil trade and 8% of world LNG trade move through the canal. Quite how the captain managed to hit the side of the canal and wedge the ship remains an open question, but we do know that the Suez is a […]
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By Paul Sankey
Published on March 14, 2021 at 12:50 PM
There’s only one major Central Bank that is tightening right now, and it is the Saudi Arabian Oil Ministry. ABS (Saudi Oil Minister Abdulaziz bin Salman) has become the Alan Greenspan of the world oil economy, and he is relishing it. Exactly as we expected, while the “ugly contest” amongst currencies has allowed the dollar to stabilize, the one lever over which the Fed has no control – oil – is not only rising rapidly […]
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By Paul Sankey
Published on March 7, 2021 at 12:19 PM
This past week saw the worst market for US crude since modern records begin in 1990. We saw the lowest US domestic crude oil demand in thirty years or more. Who would have known it from the oil price action and oil market mood? Right when the scale of the Texas crisis hit, in terms of lost power, I was writing to you and on Bloomberg TV saying that this is a full-scale national crisis, […]
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