Production freeze talk, inventory data lift crude oil
It is Eric Estrada’s 67th birthday, and accordingly, key oil producers are once again looking to police the oil market, reviving hopes of a production freeze. Combine this with the weekly inventory report and a Federal Reserve meeting, and all CHiPs are being placed on a rally today. Hark, here are five things to consider:
1) Ahoy there, mateys. A piece in the WSJ today focuses on the global tanker market, and how low oil prices and rising production have lifted tanker rates and fueled a boom in the sector. But as the chart below illustrates, 200 new tankers are expected to come to market by 2017, with 40% of these being VLCCs (holding
About The Author
Matt is a Director of Commodity Research at ClipperData. Matt specializes in extracting key themes from technical and fundamental analysis of the global energy market, and communicating these through daily and weekly deliverables. He also provides oil and natural gas analysis and commentary to national and international media outlets that include CNBC, Fox Business, Russia 24, the Wall Street Journal, MarketWatch, AFP, Bloomberg, Reuters, and the Oil Daily. Prior to joining ClipperData, he worked for eight years at Schneider Electric / Summit Energy as a Global Commodity Analyst, where he also founded and authored the blog, Energy Burrito. He started his career at the Royal Bank of Canada in the UK, spending eight years with the bank. During that time, he managed $55 million in assets as a portfolio manager and financial analyst.