Oil: Calm before the storm – Rabobank

Rabobank analyst’s note that the oil complex was mostly quiet last week with both ICE Brent and NYMEX WTI failing to break above or below the prior week’s trading range

Key Quotes

“The IMO 2020 is still more than four months away, however, the initial impacts are already being felt in fuel oil markets.”

“Cushing stocks dropped by a sizable -2.485mb this week which followed last week’s -2.54mb drop - resulting in the biggest two week decline in well over a year.”

“China announced retaliatory tariffs on 75 billion of US goods and have targeted US crude oil imports for the first time.”