In this bipolar market, where only momentum, liquidity, technicals and short squeezes matter, as well as the occasional knee-jerk reaction to a flashing red headline (usually some lie out of Venezuela or Nigeria about an imminent OPEC meeting which has not even been scheduled), one thing that no longer seems to have an impact on prices is actual news and fundamentals. So to help those who are blindly following the price of oil as an indicator of what is happening, here is a brief recap of the main news and research reports that should be impacting where oil trades today, but almost certainly won’t.
Among today’s key highlights compiled by Bloomberg we learn that JBC Energy doesn’t expect China to maintain record crude imports seen in Feb. as refinery maintenance, elevated storage impact. FGE says proposed producer accord to freeze output a “joke”, while Deutsche Bank says “fading oil demand may hamper price recovery.”
Here are the top stories via Bloomberg:
JBC Energy
Facts Global Energy chairman Fereidun Fesharaki
CNPC Chairman Wang Yilin
Bloomberg story
Eurasia Group global energy, natural resources director Bruno Stanziale
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