Oil Gets Hammered 🔨

Oil Gets Hammered

The oil market seesaw dropped with a bang as yesterday prices plummeted in response to reports of record US inventories that sent investors into sell-off mode. Never a dull moment in the oil markets!

The frenzy was ignited on Wednesday when reports emerged that inventories were hitting their highest levels since July 2017. The build up has so far been blamed on weak refinery demand and a massive 100,000 barrels per day (bpd) increase in output to reach a total of 12.2 bpd. That’s quite some increase.

Until recently, prices have been supported on the supply-side by escalating tensions with Iran, and commitments from OPEC+ to continue with production cuts. However, the return of the trade war has brought back the spectre of a weakening global demand environment with a serious bang.

WTI oil is still currently holding its range from $65-$60. However, after this week’s 3% decline, investors are beginning to consider the possibility of more weakness if global demand-side conditions continue to deteriorate and the US continues to pump at record levels.

Who doesn’t love a little oil market volatility to keep things interesting though?

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