Malcolm Graham-Wood
Independent Analyst
The first thing to spot from the above is the increase in the discount of WTI to Brent and then dismiss it. February WTI went off the board last night and with the March contract closing at $28.35, the premium to Brent was reestablished. Markets led each other down, the MSCI World equity index is off 11% so far this January, not as much as crude oil but sharing some of the pain.
Todays request for an emergency Opec meeting comes from Venezuela, no surprise there, and Algeria who have also re-raised the outwith Opec share of production cuts issue. And of course Dav-oh started formally yesterday with all the usual punters spending other peoples money putting the world to rights. Bo Diddeley popped up on the Beeb, apparently he is going for an oil price of $30-40 by mid-year and high $50’s for the year-end, i’m sure many industry participants would take his arm off for those numbers.
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