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OPEC+ reportedly likely to roll over output policy this week

  
Analysis, Crude

Reuters reports, citing three OPEC+ sources on the matter

The report says that OPEC+ is likely to keep its oil output policy unchanged i.e. planned 400k bpd hike starting from September, when they meet on 1 September this week.
One of the sources is reported as saying that:

“Current oil prices around $70 are okay. OPEC+ is likely to continue as planned with the increase of 400k bpd.”

WTI crude oil futures settle at $68.74. Up over 10% this week.

  
Analysis, Crude

Up $1.32 or 1.96%

The price of WTI crude oil futures are settling at $68.74. That’s up $1.32 or 1.96%. The high price reached $69.05. The low price extended to $67.52.

Up $1.32 or 1.96%_

For the week the price was up four of the five trading days. The low price was on Monday at $61.74. That low price tested the swing low going back to May 20 at $61.56. Buyers leaned against that old level and started the move back to the upside.
The high price was today at $69.05.
The close last week was at $62.14. With the current price trading at $68.74 that represents a gain of $6.60 or 10.62%.
Technically, the price moved back above its 100 day moving average currently at $68. Stay above that level would keep the buyers more control.

OPEC+ sees no need till release more oil

  
Analysis, Crude

Sources put damper on the US hopes that OPEC+ should release more oil

OPEC+ sources are saying that:
  • OPEC+ sees no need to release more oil into the market at present
The comments come despite urges from the US White House which last week encouraged OPEC/Saudi to increase production in order to prevent the slowing of the global economy (due to higher energy prices).
Crude oil has moved higher on the report and currently trades down $0.64 or -0.95% at $67.28. The low price earlier today reached $65.72. The high price reached $68.87 earlier in the day.
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Crude oil has rebounded

Oil – US & UK governments say Iran attacked Israeli-managed tanker off Oman

  
Analysis, Crude

An update on what appears to be an Iranian attack on a ship carrying petroleum products

  • off the coast of Oman on Thursday
  • 2 people died in the attack
  • Iran denied it was involved
  • “Upon review of the available information, we are confident that Iran conducted this attack, which killed two innocent people, using one-way explosive UAVs,” U.S. Secretary of State Antony Blinken said in a statement, adding there was “no justification” for the attack.
Also, in the UK a ‘Cobra’ meeting was held over this on the weekend – attended by officials but not ministers. Ministerial-level meetings of the group are held on the most serious of matters – this not one of them apparently.

Goldman Sachs oil analysts call delta a ‘speed bump

  
Analysis, Crude

WTI crude is up $1.73 to $68.93 today

WTI crude is up $1.73 to $68.93 today
Oil is rebounding along with the broader risk trade after the rout on Monday. It’s a big hole to climb out of but there is some momentum to the upside.
Goldman Sachs was out with a note yesterday that took down its Q3 brent average forecast to $75. The fourth quarter forecast is $80.
They had a look at the potential demand hit due to delta and said it points to a 1mbpd demand hit for ‘a couple months’. Meanwhile, they estimate that the market selloff implies 2mbpd hit for all of H2.
GS note
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