Malcolm Graham-Wood
Independent Analyst
Just back from a swift visit to Du bail which I shall write up in due course, not much around today but as I have a number of interesting meetings that’s not a problem.
Ahead of Friday’s Opec meeting it is not surprising that few short term positions are being accumulated,although the hedgies are betting on no change and are pretty short… Yesterday despite a weaker greenback the oil price was listless and the API inventory stats which come out after the close were worse than expected showing another build, this time of 1.6m barrels against forecasts of a build of around .05m. The IEA boss has come out with a forecast that oil will start rising in 2017 and settle at around $80 for the longer term, so that’s another guess to add to the pot.
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