LATEST STOCK MARKET NEWS

WTI is now building a base above the $60 handle. Looking forward we anticipated that crude oil will continue to firm over the summer. Our expectation for tighter market conditions is based on demand from US summers driving season and low gasoline inventories. Ultra strong household position indicates that 2019 vacation spending will be healthy. On the supply side, US sanction on Iranian production has slowed to levels not seen since 2013 and scheduled maintenance in North Sea and Caspian Sea will limit immediate production reaction. So far, Saudi Arabia has not increased production to OPEC assured 10.3mn output to manage higher prices. This week negative US-China trade news has marginally weighted on crude prices.

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