Can we expect consistency in the Oil price?

Malcolm Graham-Wood Independent Analyst

Last week WTI was up $2.48 and Brent +$2.05, it didn't feel that good but the heavyweights came in from Opec and Non-Opec and lifted the gloom. The final piece in the jigsaw was the Saudi Energy Minister stating that they would prefer to keep the market short than the other way around, marginal barrel and all that as we have discussed. If that means what it says, and the agreement stays in place for at least all this year then it is realistic to assume some degree of consistency in the oil price.

The overall rig count on Friday was unchanged at 975 with oil units up 7 at 798, the US cannot be a swing producer or even decide the price of the marginal barrel the last time I looked…

Author

Malcolm Graham-Wood

Independent Analyst

Malcolm Graham-Wood started his City career as a trainee analyst at Wood Mackenzie and then cut a swathe through a number of broking houses, all the time building up his knowledge and love of the upstream oil and gas industry incl

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