It's pretty clear production is being pulled back and finally we're seeing the impact of lower rig counts, there is potential for a bounce back in inventories if that was only a temporary aberration, but, of course, if the recent trend continues, we should see some support.

Michael McCarthy

Categorized in : Energy

There's clearly a souring of sentiment towards industrial commodities and I think that's spilling over to oil today.

Michael McCarthy

most-read-articles

Sentiment towards the oil market remains negative but the lack of downward momentum in overnight trading has left bears a little nonplussed, we're looking for impetus to move down but the data released in the last 24 hours has been supportive of higher prices, not lower prices.

Michael McCarthy

Clearly, demand concerns are one of the issues for the oil market... by Michael McCarthy

Clearly, demand concerns are one of the issues for the oil market.

Michael McCarthy

If we see a (PMI) number well under 49.5, it might spark further stimulus speculation and that might end up being supportive.

Michael McCarthy

The big drag on the market has been a big fall in commodity prices, energy and materials, which account for up to one-third of the index, was down 12-13 percent this year, whereas in property and healthcare, we've seen 20 percent-plus rises.

Michael McCarthy

A potential surprise draw in U.S. oil stocks would give a short-t... by Michael McCarthy

A potential surprise draw in U.S. oil stocks would give a short-term fillip to the upside.

Michael McCarthy

Libya is not a major producer but the disruption could be a trigg... by Michael McCarthy

Libya is not a major producer but the disruption could be a trigger for a mini-rally.

Michael McCarthy

She is the breadwinner, why would he want her dead? ... There is... by Michael McCarthy

She is the breadwinner, why would he want her dead? ... There is reasonable doubt in this trial.

Michael McCarthy

It's a bit perplexing given the overnight action in oil prices. by Michael McCarthy

It's a bit perplexing given the overnight action in oil prices.

Michael McCarthy

We will need to see real pressure (to break these levels) and as we head into year-end, the risk is shifting to the upside.

Michael McCarthy

Wide expectations of that huge issuance that’s coming and the support of the Fed mean that we’re looking in the medium-term for further U.S. dollar weakness, the flipside of the reversal in risk appetite is we’re seeing good support for commodity currencies.

Michael McCarthy

It’s a highly volatile piece, it made extraordinary gains and it’s doing what bitcoin does and swinging around.

Michael McCarthy

It's been a very rough week and so it's not impossible people are locking in ahead of the weekend, i would also point out that in the context of the recent moves it's not really a major move.

Michael McCarthy

While the travel ban from Europe is certainly dramatic and will help with the health aspects, it is clearly damaging economically, given the very limited nature of low interest loans to small businesses and potential tax deferrals for individuals and businesses, there isn't enough here for markets to hang their hat on.

Michael McCarthy

(Trading) volumes are terrible. A lot of people have given up for the year with no scheduled events to push oil markets around.

Michael McCarthy

We're near the top of trading ranges for both Brent and WTI so it's interesting to see them holding here.

Michael McCarthy