Remember back in March, when oil prices were high and Ali Naimi, Saudi Arabia’s oil minister, penned a letter to the FT suggesting prices were too high because there was no lack of supply and inventories were full?
Well, prices have come down since then. A quick recap from SocGen: Read more
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.
Given those two facts, this doesn’t look good: Read more
As reported earlier on FT Alphaville, the latest US inventory data shows crude stocks are piling up again — a hint that a much anticipated price recovery may not be on the cards just yet.
Sean Corrigan, chief investment strategist at Diapason Commodities, has provided us, meanwhile, with some very good charts depicting the extent of the problem and the bearish case for oil. Read more