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Easing Inflation Sparks Bullish Sentiment in Oil Markets

Easing Inflation Sparks Bullish Sentiment in Oil Markets

Easing Inflation Sparks Bullish Sentiment…

Inflation Fears Keep Oil Prices Suppressed

Inflation Fears Keep Oil Prices Suppressed

The week began positively with…

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Profit Taking Is Putting Downward Pressure on Oil Prices

oil prices

Selling Pressure, Profit-Taking Dominate Trade

This week, crude oil markets experienced significant volatility to the downside, driven by geopolitical concerns, unexpected inventory adjustments, and changes in demand. Although escalation fears between Israel and Iran loomed over the markets, price responses were muted, reflecting a complex set of influences on oil pricing.

Geopolitical Tensions and Market Responses

Concerns over potential supply disruptions due to tensions between Israel and Iran were top of mind this week. However, Israel’s response - after briefly sending oil prices higher - had a negligible impact on oil prices. Additionally, while U.S. sanctions on Venezuela's oil industry remain in effect, they were less impactful compared to the immediate issues in the Middle East. The market's tempered reaction suggests a resilience or perhaps skepticism towards the probability of severe disruptions in oil flows, which has helped stabilize price levels.

Inventory Surges and Demand Anomalies

The U.S. Energy Information Administration (EIA) reported a surprising rise in crude inventories, the highest since mid-2023, which applied downward pressure on oil prices. This inventory build, coupled with reduced refinery activity, suggests adjustments that might reflect softer demand or strategic refinery operations.

Globally, oil demand has not met previous estimates, with consumption consistently lower than expected. This underperformance…

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  • Mike Lewicki on April 19 2024 said:
    I don't agree with your bearishness on demand or prices.

    it's only 4 months into the second year of full global mobility.

    There were 81m more people in 2023 and 81m more this year.

    Good Luck

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