In today’s briefing:
- A/H Premium Tracker (To 18 Oct 2024): AH Premia Drop Sharply; High Premia May Contract More
- OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices
A/H Premium Tracker (To 18 Oct 2024): AH Premia Drop Sharply; High Premia May Contract More
- Huge volumes traded on the mainland, Southbound volumes dropped, AH Premia contracted a little bit, but not much. Things are starting to stabilise.
- Average AH pairwise volatility is super high. Intracorrelation of spreads quite low. Lots of room to market-make wide spreads/high premia. High premia may continue to contract on speculation.
- Continuing different onshore and offshore opinion regarding the nature and vibe of Chinese stimulus will continue to lead to interesting dispersion. Identify the trend, then market make around it.
OPEC, EIA, and IEA Slash Demand Forecasts Again; EIA Sees US LNG Exports Boosting Henry Hub Prices
- OPEC cuts demand growth estimates for the third consecutive month, lowering its 2024 and 2025 forecasts by 4.9% and 5.7%, respectively, citing demand weakness in China.
- Total production of OPEC members obliged to implement supply cuts averaged 21.32m bpd in September, exceeding the target by 180k bpd.
- The EIA reduced its 2024 and 2025 oil price forecasts due to September’s sharp decline but expects prices to rise from current levels on declining oil inventories.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
