Oil commentary - 6 November 2023

Morning all and I hope everyone had a great weekend. Brent is trading this morning at $85.43 up 0.54 and WTi is trading up 0.60 at $81.11. Ahh Bahri week. Not an official name and I’m sure many of you are looking at your screen and thinking huh? Bahri week? Has he lost it? Well, after this week is over with, I am pretty sure that yes, I would have officially lost it. But Bahri week! Yes, that time of the year where the oil trading and shipping community get together in Dubai and, well, pretty much just have a jolly good time. Funny how a community can rally round and meet in various establishments where beverages are available and the talk is good and the weather just about perfect, hmm? I didn’t see many of you in the middle of July! But I forgive you. What will the talk of the week be around then? And no, it won’t be about Arsenal losing their first game of the EPL season, OK? I am pretty sure the week will be centred around geopolitics and what the repercussions could be for global energy security. I’m sure gasoil cracks will be mentioned by some fairly elated traders. Freight, yep that will be discussed of course, and not just tankers but the whole shipping market. Interest rates? Yep, throw some of them in there, why not? EU recession? Sure, let’s balance it all up with a dose of disappointment. But the one thing that everyone will be talking about is of course the Kpler forum tomorrow from 3pm, where you can get your fill of just about everything energy and freight and economics. Total shameless plug. I look forward to seeing most of you this week. Good day and week to all.