OMS-1 Oil Market Snapshot – July 2019 Hormuz Tensions Support, Economy Caps Brent in July

Brent was range-bound between $62/bbl and $68/bbl in July. Tensions in the Strait of Hormuz have kept a floor under prices, while concerns over global growth have provide...

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OMS-1 Oil Market Snapshot – June 2019 Brent Cuts To $60/bbl Before US-Iran Tensions Push Oil Back To $65/bbl

Brent fell as low as $60.56/bbl on 12th June after successive US inventory builds and concerns over the global economy, before recovering above $65/bbl as tensions betwee...

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OMS-1 Oil Market Snapshot – May 2019 Risks Finely Balanced As Physical and Paper Traders Battle It Out In Brent

Brent has retreated in May, falling as low as $68.05/bbl on 23rd May as building US inventories weighed, before recovering to c. $70/bbl by the end of the month. Threats...

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OMS-1 Oil Market Snapshot – April 2019 Trump Abandons Waivers, Setting Stage for Vienna Group Increase

Brent has continued to rally in April, hitting $74/bbl on 22nd April as the US announced the end of waivers for its sanctions on Iran, and in the context of better econom...

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OMS-1 Oil Market Snapshot – March 2019 Brent Shrugs Off Weaker Economic Indicators For Now

Brent has traded around $65/bbl throughout March, as a multi-week counter-seasonal draw in US inventories balances against weaker global economic data. Our Brent 2019 fo...

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OMS-1 Oil Market Snapshot – February 2019 Brent Fails to Close Above $67/bbl as Trump Tells OPEC: "Take It Easy"

Brent came close, but could not close above $67/bbl in February, with a sharp sell-off prompted by President Trump tweeting that OPEC should “take it easy” on 25th Fe...

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OMS-1 Oil Market Snapshot – January 2019 Global Economic Worries Still Weigh As Brent Finds $60/bbl Floor

After falling $10/bbl over the Christmas period, Brent has returned to c. $60/bbl in January, in line with our expectation that the Vienna Group’s new deal has put a fl...

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OMS-1 Oil Market Snapshot – December 2018 Al-Falih’s Christmas Present Gets Lukewarm Market Reception

Brent holds around $60/bbl after the Vienna Group agrees a fresh production cut deal, in line with our expectations. The new cut is 1.2 million b/d, with 800,000 b/d from...

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OMS-1 Oil Market Snapshot – November 2018 OPEC+ "Gang of Four" Try to Fix A Hole In The Wallet

Brent tumbles to stand at $60/bbl at time of writing as stock market falls and Trump’s sanction waivers amplify fears of oversupply. Our Brent forecast averages $73.91...

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OMS-1 Oil Market Snapshot – October 2018 Saudi Bloc Covers Iran Losses, For Now

With sanctions set to begin in November, the market is currently finely balanced between supply and demand, so how much Iranian oil is exported will remain important. Sup...

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