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’China and the commodities bears
The China Flash PMI for August of 49.8 was met with relief today, even though it’s the second negative month in a row.
It’s that kind of scene now, however, when equity markets seem to be hoping for some kind of QE3 announcement at Jackson Hole on Friday even though a) it’s not an FOMC meeting,
BarCap barks at the IEA
The IEA slaps speculators … The speculators swat right back.
The FT has kept busy reporting how the International Energy Agency’s decision last week to release 60m barrels of oil reserves has burned some energy traders.
JPMorgan on the IEA’s stimulus
Most of the commentary we’ve seen about the IEA’s announcement has understandably focused on the political ramifications (a shot across the bow at Opec) and, more frequently, its effect on oil price forecasts.
Cholesterol, eggs, oil and other inflation-fighting ingredients
Here’s a thought after the International Energy Association’s oil price-crushing decision.
The Wall Street Journal reports that the IEA has been working on the plan for months. Suddenly all those recent speeches by Federal Reserve chairman Ben Bernanke on ‘imported’ inflation through high oil prices,
Speculators, slapped
The US doesn’t like high oil prices. Neither does it like the speculators it thinks exacerbates them.
So why not take aim at both?
On Thursday the International Energy Agency announced it would release 60m barrels of oil from emergency stockpiles in response to the Libyan crisis (which,
The SPQR
Introducing the SPQR: the Special Petroleum Quantitative Reserve.
Some 36 years in the making, specifically designed to provide the US (and via that global markets) with vital oil supplies if and when an emergency strikes,
Goldman’s history lesson on oil releases
Exchange or sale?
That’s the question the Goldman Sachs commodities research group is waiting for the US to answer before making a call on how today’s IEA announcement will ultimately affect oil prices through next year.
El-Erian: On governments as portfolio managers
From the ranks of FT Alphaville’s own AAA-list comes Mohamed El-Erian with a post about the three phases of governments’ involvement in global markets since the crisis.
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Understandably,
Libyan oil supply, and short-term whiplash
A confusing picture at the moment on measures to address the Libyan supply shortfall in the short term — even as Gaddafi’s end seems to be nearing, at last.
And it really is the short term that matters for those exposed to Libya.
Oil stat shock
The following story from the Guardian has caused quite a stir in the oil market on Tuesday morning:
The world is much closer to running out of oil than official estimates admit, according to a whistleblower
Chinese oil stocks data are going, going, gone…
Chinese demand is one of the few bright spots in a generally depressed crude oil market. The phenomenally high amount of crude oil (and refined products) in storage around the world, meanwhile, is a big cause for concern for anyone wishing to see a demand upstick.
Oil surges on higher demand forecast
Oil prices on Thursday surged to an eight-month high above $73 a barrel after a key energy watchdog raised its forecast for global oil demand for the first time in almost a year. The International Energy Agency cited the “long-awaited emergence of improving fundamentals” to raise its global oil consumption estimate by 120,000 barrels a day,
Energy crunch time
The International Energy Agency has posted its recent report on the impact of the financial crisis on global energy investment on its website. The analysis was first submitted to the G8 Energy Ministerial meeting in Rome last weekend,
Clouseau-esque market-moving commentary, IEA edition
On Thursday the International Energy Agency (IEA) issued its latest monthly oil report, and in case you weren’t aware, the market was awaiting the forecast more than usual.
This was largely on account of expectations the IEA would finally put an end to its eight-month run of global demand cuts and in so doing confirm ‘green-shoot’ hopes that the economic crisis may be easing.
How low can crude go?
The IEA is expected to slash oil demand forecasts when it releases its World Energy Outlook later today. Bloomberg quotes a number of former IEA staff on the subject including Lawrence Eagles, now global head of commodities research at JPMorgan in New York,
IEA predicts oil price rebound to $100
Oil prices will rebound to more than $100 a barrel as soon as the world economy recovers, and will exceed $200 by 2030, the International Energy Agency will say in its flagship report to be published next week.