WTI at Midland, Texas, the heart of the Permian basin, this week slid to trade at a discount to benchmark futures as curtailed volumes returned to the market, traders said. MNEs) considering whether to participate in the International Compliance Assurance Program (ICAP). united icap Gold price Today Tightening oil supplies inject new momentum into price rally Brent-crude futures, the benchmark in energy markets, have risen more than 50 since the end of October and are approaching 60 a barrel for the first time since Covid-19 began to erode oil demand in early 2020. production curtailments in the spring came from shale wells that were choked back but not shut-in completely. The following is a list of frequently asked questions (FAQs) to help U.S. crude exports have risen to 3.2 million barrels per day last week, the highest since mid-May. Given the disappointing demand, it raises the possibility that the market returns to building inventories," said Warren Patterson from ING.
producers are bringing back wells they had previously shut. exports are also depressing spot physical prices. ICAP was first introduced as a pilot in January 2018. In February 2021, the Organisation for Economic Co-operation and Development ('OECD') issued a handbook linked with the official roll-out of its International Compliance Assurance Programme ('ICAP'). Dubai August/September inter-month spreads also flipped from backwardation into contango in late July.Ību Dhabi, Iraqi and Qatari grades all fell to spot discounts to their official selling prices and some cargoes are still hanging unsold, according to three Asian traders.ĭemand from top buyer China softened due to weak margins, prolonged port congestion, severe flood and limited crude import quotas, several China-focused traders have said. United States: ICAP, A New Tool In The Multiverse Of Multinational Tax Dispute Management. The physical oil market is also weakening.Ĭash Dubai and DME Oman prices on Tuesday flipped into discounts to Dubai swaps for the first time since end-May due to weak demand including from China. front-month WTI crude futures, Lee said.īrent spreads have historically been a good proxy for the global production-consumption balance as well as inventories Many exchange traded funds were also spreading their long positions more equally across the curve after some asset managers were badly burnt by April's negative expiry of U.S. Record coronavirus infection and death rates in the United States and some other parts of the world are stoking fears that a new virus wave could further hit demand. Howie Lee, economist at Singapore's OCBC bank, said the market was unconvinced demand was recovering and instead was choosing to buy further down the curve at a rising premium. OPEC did not respond to a request for comment. "The market will flip back into a mini-supply glut and a swing into deficit will not happen again until December 2020." "OPEC's experiment to increase production from August could backfire as we are still nowhere near out of the woods yet in terms of oil demand," said Bjornar Tonhaugen, Rystad Energy's Head of Oil Market Research. The opposite structure is known as backwardation. takes a shot at gold bugs in outlining how the charts suggest gold prices could still have room to fall. The structure is known as contango and usually indicates an immediate oil surplus and hopes for a demand recovery in future months. United-ICAP technical analysis guru Walter Zimmermann Jr. D.Front-month September Brent futures in the past week have been trading at a discount of $2 per barrel to March 2021, the steepest discount since May, when lockdown measures against the virus outbreak cut global oil demand by a third. TP ICAP operates at the heart of global wholesale over-the-counter and exchange traded. Hima Reddy – “The Trading Methodologies of W. A diversified global markets infrastructure and data solutions provider. Jeremy du Plessis – “The Definitive Guide to Point and Figure”Ĭharles Kirkpatrick & Julie Dahlquist – “Technical Analysis” Paul Azzopardi – “Why Financial Markets Rise Slowly but Fall Sharply”īuff Dormeier – “Investing with Volume Analysis” Martin Jones, Chief European Technical AnalystīEST INDEPENDENT RESEARCH HOUSE FOR FIXED INCOMEīEST AUTOMATED TRADING PRODUCT: EXECUTIONīEST AUTOMATED TRADING PRODUCT: STRATEGY DEVELOPMENT Jean-Charles Gand, Senior Technical Strategist We recommend the Course-by-Course International Credential Advantage Package (ICAP) this means we will store your verified transcripts in addition to your. Riccardo Ronco, Head of Technical AnalysisīEST INDEPENDENT RESEARCH HOUSE FOR EQUITIES Walter Zimmermann, Senior Technical AnalystīEST EMERGING MARKETS RESEARCH & STRATEGYĬhris Verrone, Head of Technical Analysis Richard Adcock, Head of Global FICC Technical StrategyīEST COMMODITIES, ENERGY & POWER RESEARCH & STRATEGY Karen Jones, Head of FICC Technical AnalysisīEST BANK FIXED INCOME RESEARCH & STRATEGY Peter Lee, Chief Technical Analyst, Wealth Management Research Marco Dion, Global Head of Equity Quant Strategy