Malcolm Graham-Wood
Independent Analyst
Given how badly the oil price performed yesterday this piece is actually rather short, mainly because the news that pushed the oil price down, the Iranian Oil Ministers speech on Sunday, didnt get into oil markets until yesterday. He has sharpened his knives a bit, 500/- b/d will now be ‘ a week’ after sanctions and a million b/d ‘a month’ after but those figures are intended for the December Opec meeting and are not realistic.
Barry has a cunning plan re carbon emissions which involve closing down coal fired generation which is eminently sensible and also shutting down the natural gas industry which strikes me as less so. Remember what Johnny Cash said, ‘one piece at a time’….
What we do know is that the Iraq-Iran gas pipeline has nearly completed phase 1 testing and trials and again, subject to sanctions will transmit 5 mmcf/d to power plants in an around Baghdad, increasing to 25 mmcf/d by next March.
Tonight sees the API inventory stats, after the close remember, which need to have a minus sign in front of them and finally both retail diesel and gasoline prices lost around 5.5 cents last week, gasoline is still down 83c on the year, diesel $1.19 which shows how much of that product is about nowadays…
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