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OMS-1 Oil Market Snapshot – September 2020 Brent Falls to c. $42/bbl in September As COVID Resurgence in Europe Dents Demand Hopes

  • Brent has averaged $42.14/bbl in September, down c. $3/bbl against August, with a second wave of infections rising in Europe raising concerns over demand as co...

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OMS-1 Oil Market Snapshot – August 2020 Brent Rises to $45/bbl in August, But Demand Concerns Continue to Threaten

  • Brent has traded around $45/bbl in August, after four consecutive weekly US crude inventory draws, though stocks remain elevated
  • Still, global COVID...

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OMS-1 Oil Market Snapshot – July 2020 Brent Hits $44/bbl in July as OPEC+ Agrees Compensation

  • Brent rose to c. $44/bbl in July, with OPEC+ applying compensatory cuts to the second phase of its deal and the EU agreeing a €750 billion stimulus package

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OMS-1 Oil Market Snapshot – June 2020 Brent Rises to c. $41/bbl After Cuts Extensions and Firm Compliance

  • Brent rose to c. $41/bbl in June as OPEC+ extended the higher cut level of 9.7 million b/d for another month to July and posted firm compliance data
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OMS-1 Oil Market Snapshot – May 2020 Brent Holds Around $35/bbl As US Inventories Peak Amidst Talk Of Extended Cuts

  • Brent has risen to c. $35/bbl in May as demand lifts from its lows, US inventories ease and OPEC+ cuts start to take effect, though the benchmark was a little ...

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OMS-1 Oil Market Snapshot – April 2020 Demand Leads Supply, With OPEC+ Deal Fragile and Inadequate

  • Brent has fallen to $22/bbl despite a fresh agreement on April 13th to curtail global production by 9.7 million b/d, while May WTI closed at -$37/bbl, negative...

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OMS-1 Oil Market Snapshot – March 2020 Brent Routed After OPEC's Last Waltz with Russia in Vienna, Pandemic

  • Brent has been routed to $26/bbl, as the world implements measures to tackle the COVID-19 pandemic and the OPEC+ agreement collapses
  • We now see Bren...

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OMS-1 Oil Market Snapshot – November 2019 No New Targets As Saudi Arabia Attempts To Enforce Compliance

Brent recovered slightly in November, trading at $63.87 on 28th November, against October’s average of $59.71/bbl. Less headwind from recent macro-economic data, combi...

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OMS-1 Oil Market Snapshot – October 2019 Saudi Arabia's Quick Recovery Keeps Brent Flat

Brent has fallen back to August levels in October, trading between $58/bbl and $62/bbl. After Saudi Arabia achieved a swifter return to production than many expected, co...

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OMS-1 Oil Market Snapshot – September 2019 Saudi Arabia Puts On a Brave Face After Missile Attacks

The attacks on Saudi installations at Khurais and Abqaiq appear to have had a limited effect on Brent, which is at c. $62/bbl, down from the initial 20% spike to $70/bbl ...

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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 – 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_December-2016 Oil Market Snapshot – December 2017 OPEC's New Year's Resolution: The Same As Last Year

Brent holds above $63/bbl as Forties pipeline shutdown amplifies bullish sentiment. As futures continue to rise, so do our latest price forecasts with our global supply a...

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