Oil is Ready to Explode: Global Commodities Weekly

Oil, Tanker Attack, Sugar, Corn, Wheat, Soybeans...

Everyone should have a chart of crude oil on their watchlist, with an alert set for a close above 85 if you don’t already have a position.

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Commercials continue to buy up every dip.

The Liberian flagged oil tanker Chios Lion was hit on its port side by an unmanned watercraft, adding there is a potential risk of an oil spill. 
"While originally headed south, following the attack the vessel turned around and back north out of the threat area to further assess damage and investigate potential oil spillage," the Joint Maritime Information Center wrote in a statement.

The intelligence firm, Conflict and Environment Observatory, reported today that satellite images indicate the vessel Chios Lion likely sustained damage during an attack, leading to an oil spill.

Hup Hup…

Supply Dynamics:

• Global oil production is set to increase slightly in 2024, with a growth of 0.6 million barrels per day (b/d). This increase is primarily outside of OPEC+, led by countries like the United States, Canada, Guyana, and Brazil​. Regulations moving towards 2030 could hamper production in the coming years.

• OPEC+ has been instrumental in managing supply through production cuts. These cuts are expected to be gradually unwound starting in the fourth quarter of 2024, which initially led to a drop in oil prices. However, prices have since rebounded as the market adjusted to these announcements​. Shrugging off the news. This is a news failure event.