When Can We Expect An Oil Price Breakout?

-WTI traded in an unusually narrow $48.75/$47.03 range this
week despite an extreme weather event in the world’s refining hub
and geopolitical tensions in from MENA to DC. – In geopolitics we
continue to see storm clouds over OPEC producers. Venezuelan credit
moved sharply lower this week after the US banned trading in the
country’s government bonds as well as PDVSA debt. RBC also authored
a note discussing a potential PDVSA default in October or November.
While any scenario for decreased output in Venezuela is hard to
quantify, it’s…

-WTI traded in an unusually narrow $48.75/$47.03 range this
week despite an extreme weather event in the world’s refining hub
and geopolitical tensions in from MENA to DC. – In geopolitics we
continue to see storm clouds over OPEC producers. Venezuelan credit
moved sharply lower this week after the US banned trading in the
country’s government bonds as well as PDVSA debt. RBC also authored
a note discussing a potential PDVSA default in October or November.
While any scenario for decreased output in Venezuela is hard to
quantify, it’s…