WTI and Brent crude start Q2 in fifty dollardom, as the market continues to grapple with market rebalancing and OPEC compliance. As the market awaits signs of a tightening market, hark, here are five things to consider in oil markets today:
1) We discussed on CNBC Asia last week how OPEC production cuts are ‘lumpy’, as some countries are complying, while others are not. While Iraq continues to exhibit a lack of discipline, with exports continuing to be strong, UAE appears to be coming into compliance amid maintenance at fields connected to its crude streams of Murban and Das.
As the chart below illustrates, loadings of the two grades have dropped versus February’s levels. Murban is leading the charge: after averaging over 900,000 bpd last year, and over 1 million barrels per day last month, volumes have dropped below 700,000 bpd in March. Combine, export loadings of the two grades are the lowest since mid-last year:
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PARENTNashikis younger energetic, with highly skilled engineering group having extensive more than 2-decade experience in resistance spot welding supplies and installed latest technology machining facility at works, manufacturing all sorts of resistance gun spot welding spares &consumables.
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Headline crude prices for the week beginning 16 September 2019 – Brent: US$69/b; WTI: US$63/b
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