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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (128880)	7/15/2022 1:17:55 PM
From: Goose94	Read Replies (1) \| Respond to of 202904

Crude Oil: Markets Torn Between Recession Fears And Physical Tightness Oil market watchers have become senior macroeconomists lately, with price swings increasingly dependent on larger market sentiment. This week’s seesawing was in large part driven by the market expecting a 100 basis point hike, sending all global crude benchmarks crashing down to double digits, however as soon as the US Federal Reserve opted for a more modest 75 bps hike, ICE Brent bounced back to $102 per barrel. Following the recent hedge fund sell-off, it seems that there is still no consensus on the main driving trend in the markets – fears of economic recession are just as strong as the feeling of immediate physical tightness. Biden Visit Ends Without Production Boost Promise With President Biden’s visit to Saudi Arabia in full swing, senior US officials have confirmed that Washington is not expecting Riyadh to boost crude production immediately, lifting crude prices by $2/barrel in Friday’s trading. Iraqi Export Capacity Upgrades Get Delayed Whilst Baghdad has been maintaining that it would expand crude export capacity by 150,000 b/d (to 3.4 million b/d in total) thanks to new infrastructure in Basrah, that goal is now postponed into Sept-Oct amidst pumping station upgrade setbacks. Oilprice.com