Archives of “July 13, 2021” dayrss
IEA remarks in its latest update on the oil market
- Overhang in global oil stocks built up last year has already been worked off
- Preliminary Q3 data suggests that we could see the largest crude oil stock draw in at least a decade
- Possibility of a market share battle by producers, looming over the market
- Oil market to remain volatile until there is clarity on OPEC+ policy
The lack of a major reaction in the market is convincing the Saudi and UAE camps to stick with the standoff
There appears to be less urgency to unwind the opec plus deadlock, especially as prices didn’t dramatically move up. #OOTT #opec
And so the drama continues then. In any case, the bloc will be rolling over the 5.7 million bpd worth of output cuts going into August.
The US Federal Aviation Administration has said that some undelivered Boeing 787 Dreamliners have a new manufacturing quality issue.
- the issue is “near the nose on certain 787 Dreamliners” in undelivered airplanes
- Boeing to fix
- FAA will determine whether similar modifications should be made on 787s already in commercial service
China trade data getting released in dribs and drabs
- January to June exports +28.1% y/y
- January to June imports +25.9% y/y
Via Reuters latest polling on expectations for what European Central Bank will do.
- up from nearly 63% last month
- All of the 1.85 trillion euro PEPP envelope would be used up, according to the consensus view of 39 economists, with the lowest expectation pencilled in at 1.5 trillion euros
- “Judging from the current monthly pace of purchases, our assumption of only a gradual reduction of this pace after September, and in the remaining time until March, the envelope will likely be used in full,” said Salomon Fiedler, European economist at Berenberg. “Furthermore, by September, the vaccination campaign in Europe should be all but complete … but if new variants are able to circumvent protection from current vaccines, renewed social distancing would once again put a damper on the economy.”
- The ECB was expected to keep its deposit rate unchanged at -0.50% and refinancing rate at zero through to the end of next year.
- Nearly 90% of economists, or 53 of 60, who answered another question said new COVID-19 variants were the biggest risk to the euro zone economy this year.