Highlights
Oilprice.com reported yesterday morning that the withdrawal of US President Joe Biden from the re-election campaign has left the oil market confused, with oil price trading to its lowest price in a month. That does not make sense, but there it is in print.
The oil gurus at oilprice.com say the low price is not for lack of potentially bullish signals. Normally, Israel’s attack on Yemen and promises of retaliation as well as China cutting its short-term interest rates would trigger some sort of response, but not this week. Russia’s crude oil exports have plunged to a 7-month low, averaging only 3.1 million barrels per day the past four weeks as several of Russia’s refining facilities have come back on the line after war damage repairs.
A few days ago, we reported a tanker loaded with Russian diesel fuel got hit by a Houthi drone, leaked millions of gallons into the Red Sea, and the market closed sharply lower that day.