Technical & Fundamental Oil Reports Specialists

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The plates are shifting

Published Monday, September 8th, 2014

Last week was one not merely of events but of developments with enormous potential significance if they turn out to be more than a flash in the pan. The Supreme Leader has agreed to “contacts” with the US in combating the Islamic State which follows a recent and unprecedented visit of the Iranian foreign minister to Saudi Arabia. A common enemy is forcing new alliances. A new and inclusive Iraqi government is close to formation and a ceasefire has been agreed in Ukraine which could be read as Russia blinking or more likely Ukraine conceding.

Perhaps of more significance, President Putin has solidified and re-galvanised Nato, sent Europe on a mission to achieve energy independence from Russia and provoked the EU into preparing sanctions on state owned Russian oil companies. The ECB has finally bitten the bullet on QE, albeit a light version which together with Scottish Independence moving a step closer has sent currency markets into a frenzy. France could be heading for a Presidential resignation with huge implications for eurozone solidarity. President Hollande has a 13% approval rating against an 85% rating for President Putin!

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Posted by David Hufton