Oil appears to be range bound, PMO is going nowhere until the company makes a clear statement on whether they are going to raise cash from the downtrodden shareholders for a purchase of some North Sea assets.
The US China talks are rumbling on in the background, the Venezuela standoff continues, global growth continues to be downgraded, today’s UK GDP figures were poor, Brexit, the dollar continues to strengthen making oil more expensive for the developing economies that are the key to support the demand side of the curve, all in all it’s hard to find any near-term positives that might propel the oil price North.
Then we have the U.S. slowly increasing their market share at the expense of Russia and OPEC with their discounted variants.
How long will the cartel and friends put up with that?
The pipeline will be up and running in the summer meaning more cheap shale oil could potentially hit the market.
Who would have thought the yanks would become a net exporter of oil?
Good luck all.