The Sea King is part of the reason Brent is sinking, this is not a usual move and does not bode well for North Sea crude oil that has been relying on shipments to Asia to clear the overhang that was visible during June. Olivier Jakob More Quotes by Olivier Jakob More Quotes From Olivier Jakob Today we start with a different set of headlines that they came to some agreement on the framework, that is definitely what is supporting prices. Olivier Jakob business Crude oil does not want to price a geopolitical premium, with the lack of strong economic data it is difficult to develop a bullish theme. Olivier Jakob business Demand is soft, generally, market participants find the market is fairly well balanced and don't seem to be too concerned about any potential supply disruptions. Olivier Jakob business Extending the cut by six or nine months, it doesn't really matter if the level stays the same, if you really wanted to target stock levels, you would need deeper cuts but Saudi Arabia has already gone beyond its cut target. Olivier Jakob business They really have started to make the shift, india is comfortable with a regular flow from the U.S. now. Olivier Jakob company-news Overall, we continue to trade a waiting game for the U.S. decision on Iran, waiting to have sanction headlines trigger some frenzied buying. Olivier Jakob company-news It's difficult to say if there is one consensus move to another platform, it will take time. Olivier Jakob energy This week has been pretty much a technical market, i don't think there has been any strong reversal in the fundamentals. Olivier Jakob energy Right now, there is not much to be optimistic about, we have to wait a little bit longer for the rebalancing. Olivier Jakob energy Unless the weekly report can show some larger stock changes we expect a low-volume environment to continue tomorrow and Friday. Olivier Jakob energy Asia has been relatively weak and China is not providing much support, without the support of the products and with a structure in crude oil that is weakening, it is difficult to think that crude can break away to the upside. Olivier Jakob energy Not everybody wants to be caught up in that, so they will avoid it, the refineries will walk away from it. Olivier Jakob company-news Globally, there are still a lot of supply disruptions and this comes on top of natural declines, it does bring forward the expected rebalancing in the second half. Olivier Jakob energy (Saudi oil minister Ali) Al-Naimi will have lost credibility with Russia and will have as well upset other OPEC and Gulf countries. Olivier Jakob energy Under those conditions, if the 200-day moving average is broken, we expect to see more speculative flows coming into crude oil. Olivier Jakob energy If it is not clear if the strike will last long and will have any meaningful impact on exports or domestic production (including refineries), it does illustrate further the amount of pain that (Gulf) oil producers are also facing at current price levels. Olivier Jakob energy We are leaving the period of low demand and starting to move toward the period when demand increases over the summer. Olivier Jakob most-read-articles We're moving towards looking at an old surplus, rather than a new one being built up. Olivier Jakob most-read-articles For now, the market is staying well supported, and the dollar is providing additional support, it will be difficult to return to the lows of the year. Olivier Jakob energy For now, the( oil) market is staying well supported, and the dollar is proving additional support, it will be difficult to return to the lows of the year. Olivier Jakob company-news
