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Daily Oil Commentary by Matt Stanley

By:Matt Stanley

Morning all and Happy St Patricks Day. The only day of the year where you can legitimately leave work and go and have a pint of a Guiness and watch the racing. Brent closed last night down 0.07 to $51.74 and WTi closed at $48.75 down 0.11. I want to talk about weetabix. Hear me out. I honestly do not think there is a more stable or efficient form of adhesive than weetabix when it's left to soak in liquid for an hour or so. My youngest daughter loves weetabix, the other day I had to leave her soaking in a bath for half a day to get the stupid stuff out of her hair. Weetabix - the environmentally friendly glue - you heard it here first. Why is this important? This market is stuck. it doesn't know which to turn. OPEC are up to their knees in day old soggy weetabix and struggle as they might the 'bix will get you. So what do they do? Extend the cuts to maintain a higher price and US shale will jump on that bandwagon quicker than you can say "Everything's bigger in Texas". Don't extend the cut? Well we all know what should happen there - back down we go. I agree with other commentators on this market at the minute in that the only people who really are pulling their weight on this agreement are the Saudi's and even they increased production in Feb so what is this market waiting for? I don't know, maybe it's just too much disappointment to be had at one time. I just fear that the bulls are like a toddler who's amazing new Sonic the Hedgehog helium balloon has just flown away out his grasp. He's just standing there. All alone. Wondering what might have been. Still could be worse, on top of the weetabix I've got a jam sandwich to scrape off the back car seat. Good weekend.



Last Update: 19/03/2017

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