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[rangenoresources] 07/6/2019 11:16

What is not to like?

Oil has entered a bear market as fears of an economic downturn mount. The fundamentals look much tighter than the swoon might suggest, but the supply and demand picture is also beginning to look more negative.

The EIA report was exceptionally weak, showing a strong build in crude oil (+6.8 million barrels), gasoline (+3.2 million barrels) and distillates (+4.6 million barrels). The combined builds across multiple products surprised the market. Sometimes, these figures sort of offset each other. For instance, if refiners are running really hard, they tend to build up gasoline stocks, but they use up crude oil in the process, so crude inventories dip even as gasoline stocks rise. This time around there was none of that. Increases across the board led to a plunge in oil prices.

“Oil has a Lehman Brothers moment,” is how Standard Chartered described it. The investment bank puts out its own “bull-bear index,” ranging from -100 to +100, measuring the direction the market seems to be heading in a given week.

“Our US oil data bull-bear index registers -96.7, only slightly better than the extreme -100 reading of two weeks ago,” the bank said. “The four-week average of the index is -79.4, taking it far below the five-year range.” There hasn’t been such a negative four-week run since 2008, the bank said. In other words, oil market fundamentals are heading in a really bearish direction, and the last time things looked this bad was during the financial crisis.
Related: This Giant Oil Field Just Hit An Impressive Production Record

The flip side is that the U.S. economy is not spiraling out of control in the way that it was after the collapse of Lehman Brothers. So, it’s possible that oil prices “have overshot to the downside,” Standard Chartered noted. “We think oil prices are now around USD 10 per barrel (bbl) too low on a fundamental basis, unless a specific data point is believed to be a leading indicator rather than a temporary blip,” Standard Chartered analysts said in a separate report on Tuesday.

Still, demand is starting to weaken. Standard Chartered notes that weakness is mostly confined to distillates (i.e., weaker activity in manufacturing and agriculture), with consumption in May dropping 9 percent, year-on-year. While gasoline demand has held up, it is still off 1.7 percent from a year ago.

[rangenoresources] 07/6/2019 11:14

Nothing to say Celticheart07. Your good friends have ruined this board for you. How ironic

[celticheart07] 07/6/2019 10:37

I will post when I have something to say about Range

[qantas] 07/6/2019 10:02

Good morning Robot good to see oil still hammering up getting ready for relaunch trading in RRL







Please do your own research as always

[rangenoresources] 07/6/2019 09:47

Great to see this thread is talking anything but Range and stopping the ego from posting. Keep it up boys and girls

[lewisyfawr] 07/6/2019 09:35

Fred Housego for Prime Minister? Now 74, has conquered Type 2 diabetes, has an IQ higher than even Ron Resources and nas_daq, and has excellent motor skills.

[dodge_city] 07/6/2019 08:19

Robot.
The people of Peterborough agree with you but I'm not so sure I want this country being run by taxi drivers and fat slags.

[robot ic1] 07/6/2019 07:52

Qantas number 1 ,good morning to you ,
Yes I think you are correct a love triangle that is missing the link up for form a circle .

Debsdowner continuing to write to himself.

I think he will get the message we are not going on there and it looks like others are also staying away .

He will come back to where we are eventually .

Black gold hammering up .

The 75 th anniversary went well this week .

We have to be proud we are a British country and whatever happens to Brexit we will survive as one of the top 10 countries in the world .

[lewisyfawr] 07/6/2019 07:00

PM's have to get on with Netanyahu, Trump, Macron etc. Does Corbyn have social skills to represent UK? Would he really want the job? He is in the mould of Crossland, Foot and Benn. Brilliant mind, brilliant orators, but not pragmatic and devious enough to ever be PM.

[apache_dropout] 07/6/2019 06:30

Corbyn will become PM.

[lewisyfawr] 07/6/2019 06:26

Interesting result in Peterborough. Quite a large Brexit vote if you add together Tories and Brexits, so one could argue that they have both let Labour in. Am now thinking the unthinkable. Gove will become PM, and will call for an extension well beyond October and will cobble together a poorer deal than May and try to force it through Parliament. It will fail, General Election in New Year and Labour will get in promising a 2020 EU referendum and blaming Tories for not carrying out will of electorate in 2016 despite having a decent majority (till May decided in 2017 she wanted more Tory MPs and failed to get them).

Not sure who might be PM this time next year. Not Corbyn. Starmer, Gardiner, Long-Bailey, Thornberry? And UK will still be in EU!!!

[dodge_city] 07/6/2019 05:30

England hates jews, loves Corbyn,

[dodge_city] 06/6/2019 19:17

The fact is the global economy has now peaked and the world is flooded with debt. It's all downhill from here Brexit or no Brexit.

Trump is the first to recognise this and is looking after his own. Trump is well ahead of the curve, thats why is he a successful businessman and president.

There are tell tale signs that things in the UK are going to get very nasty in the next few years.

Welcome to the brave green new world filled with envy, greed amd hysteria.

[1manos] 06/6/2019 18:58

Hahaha I think we know who the robot is ....bless

You should of been a darlek mind

[lewisyfawr] 06/6/2019 18:28

Cows and cyclists pollute the air more than diesel lorries, dodge.

[qantas] 06/6/2019 15:36

Robot good afternoon they had a love triangle and perhaps lost the last one?