US oil looks like it’s in great shape, but pressure is being put on prices by rising Covid-19 Delta variant cases worldwide. Oil trading EIA storage data records another successive drawdown in its latest report. For the week ending July 23rd, crude inventories dropped by 4.1m on a week-by-week basis. That puts them roughly 7% below the five-year average […]

Boris Johnson is set to deliver a take-it or leave-it offer to the EU today. The final tabled offer will fall short of what the EU requires. It will be rejected. Boris knows this – the only narrative that matters is the one that shows the will of the people being frustrated by recalcitrant MPs […]

Oil trading At the time of writing, WTI and Brent are over $52 and $55 respectively off the back of this move which is designed to protect oil prices. Prices have undergone a rally in the back half of last year, primarily fuelled by two key decisions: 1) OPEC’s January production rise (though now tempered […]

Wages hot, inflation hot, services PMI now hot...which bit of the data so far has told you the Fed is about to declare victory? Doubts about next week’s meeting? Perhaps, a little as markets price a 20% of 75bps, 80% for 50bps; but it’s not about the timing or pace of hikes, it’s about the destination.

With the US election just around the corner, equity markets may continue to track sideways as they await the outcome and remain on the hook for headlines around stimulus and the spread of the virus. We can expect volatility but no clear trend until the election is out of the way. A Democrat clean sweep […]