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Daily Oil Commentary by Matt Stanley


20/03/2017
By:Matt Stanley

Morning all and hope everyone had a nice weekend. Brent closed Friday up 0.02 to $51.76 and WTi closed at $48.78 up 0.03. Another week looms in this headline driven market. This time, OPEC Force One lands in Berlin to talk about the oil market. I mean what more is there to say than what he said in Houston a couple of weeks ago? And London a couple of weeks before that? Let me guess - "All countries involved remain resolute in the determination to achieve a higher level of conformity," and "We see the demand/supply balance returning to the market by the end of Q2". Honestly I reckon it's like a rock band going on a world tour, getting on stage at a new venue and shouting "Hello Londonnnnn". Umm, you're in Paris mate. "Oh yeah, oops - Hello Parissss". At the end of the day the market really isn't that stupid and they are going to ignore the same comments if they are made over and over again. The market wants to see results with regards to Non OPEC production cut conformity not what the GCC states are doing. Couple this with the fact that US production is ever increasing to fill the void that the OPEC cuts are leaving and it doesn't sit very well with me that things are looking positive for oil prices. Look, I'm an avid Arsenal fan as many of you will know but there comes a time where change is needed. Arsene Wenger is the epitome of a great manager - yes it hasn't yielded much success in recent years but he turned not just the team around but the whole club and people's opinion of them. What the future holds for Arsenal is the question. I feel OPEC is in the same position as the Arsenal board. You could argue that OPEC have tried to change strategy with the Vienna accord end November but it isn't working. What will happen going forward will be painful for both Arsenal and OPEC but carry on down the current path and both may self-implode. Good day. 

 

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Last Update: 20/03/2017

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