Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Commodities

<ul><li>Brent oil price is currently 7% below fair value with short-term technical indicators in oversold territory</li><li>Forecast predicts Brent oil to average $73 in 2025, with a surplus in global oil market of 1.3 million barrels per day</li><li>Market consensus diverges from forecast, with disagreements on oil balances and optimism towards non-OPEC supply growth</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Brent oil price is currently 7% below fair value with short-term technical indicators in oversold territoryForecast predicts Brent oil to average $73 in 2025, with a surplus in global oil market of 1.3 million barrels per dayMarket consensus diverges from forecast, with disagreements on oil balances and optimism towards non-OPEC supply growthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>For the week ending 28/Feb, US crude inventories increased by 3.6m barrels, contradicting expectations of a 0.6m barrel decline. Meanwhile, gasoline and distillate stockpiles unexpectedly dropped.</li>
<li>US natural gas inventories fell by 80 Bcf for the week ending 28/Feb, lower than analyst expectations of a 96 Bcf drawdown. Inventories are 11.3% below the 5-year seasonal average.</li>
<li>Aramco's 2024 net profit fell 12.4% YoY on lower crude prices and weak margins. The Trump administration gives Chevron 30 days to end Venezuelan oil operations.</li>
</ul>


For the week ending 28/Feb, US crude inventories increased by 3.6m barrels, contradicting expectations of a 0.6m barrel decline. Meanwhile, gasoline and distillate stockpiles unexpectedly dropped.
US natural gas inventories fell by 80 Bcf for the week ending 28/Feb, lower than analyst expectations of a 96 Bcf drawdown. Inventories are 11.3% below the 5-year seasonal average.
Aramco's 2024 net profit fell 12.4% YoY on lower crude prices and weak margins. The Trump administration gives Chevron 30 days to end Venezuelan oil operations.


[ETP 2025/10] WTI Continues to Slide, Henry Hub Rises on Improved Demand Outlook

<ul>
<li>WTI futures fell by 0.9% for the week ending 28/Feb, marking its sixth consecutive weekly drop. Prices fell due to trade tensions, geopolitical uncertainties, and demand concerns.</li>
<li>WTI fell 3.8% in February, its largest monthly drop since September 2024, as economic uncertainty, trade tensions, and bearish economic indicators pressured prices.</li>
<li>WTI OI PCR rose to 0.98 on 28/Feb from 0.95 on 21/Feb. Call OI increased by 7.4% WoW, while put OI rose by 10.5%.</li>
</ul>


WTI futures fell by 0.9% for the week ending 28/Feb, marking its sixth consecutive weekly drop. Prices fell due to trade tensions, geopolitical uncertainties, and demand concerns.
WTI fell 3.8% in February, its largest monthly drop since September 2024, as economic uncertainty, trade tensions, and bearish economic indicators pressured prices.
WTI OI PCR rose to 0.98 on 28/Feb from 0.95 on 21/Feb. Call OI increased by 7.4% WoW, while put OI rose by 10.5%.


[US Crude Oil Options Weekly 2025/09] WTI Fell for Sixth Week on Trade Tensions and Demand Worries

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>How We Traded Wheat Short Wheat prices saw a small revival over the last month.</li><li>From the rect bottom the forward futures contract recovered almost 15%.</li><li>During last week new selling pressure started to effect the market and led prices down again. </li></ul>

How We Traded Wheat Short Wheat prices saw a small revival over the last month.From the rect bottom the forward futures contract recovered almost 15%.During last week new selling pressure started to effect the market and led prices down again. 

How We Traded Wheat Short & CTA Positioning Update

<ul>
<li>U.S. oil and gas rig count rose by one for the week ending 28/Feb, marking the fifth straight weekly gain and bringing the total to 593.</li>
<li>For the week ending 21/Feb, U.S. oil production slightly rose to 13.50 million bpd from 13.49 million bpd last week.</li>
<li>The number of active U.S. oil rigs fell by 2 to 486, while gas rigs rose by 3 to 102. Rig count in the Permian rose by one to 305. </li>
</ul>


U.S. oil and gas rig count rose by one for the week ending 28/Feb, marking the fifth straight weekly gain and bringing the total to 593.
For the week ending 21/Feb, U.S. oil production slightly rose to 13.50 million bpd from 13.49 million bpd last week.
The number of active U.S. oil rigs fell by 2 to 486, while gas rigs rose by 3 to 102. Rig count in the Permian rose by one to 305. 


U.S. Oil & Gas Rig Count Gains for Fifth Straight Week, First Since May 2022

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Crude Oil (CL1 COM COMDTY)

Global Commodities: The pain trade

The oil market is currently oversold, with conflicting forecasts predicting varying price outcomes for Brent oil in the coming years and concerns...

At Any Rate

[ETP 2025/10] WTI Continues to Slide, Henry Hub Rises on Improved Demand Outlook

US crude inventories rose, while gasoline and distillate stockpiles fell. Natural gas inventories fell below expectations. Aramco's 2024 profit...

Mint Finance

[US Crude Oil Options Weekly 2025/09] WTI Fell for Sixth Week on Trade Tensions and Demand Worries

WTI futures dropped for the sixth consecutive week due to trade tensions, geopolitical uncertainties, and demand worries. Both Volume and OI PCR...

Mint Finance

How We Traded Wheat Short & CTA Positioning Update

How We Traded Wheat Short Wheat prices saw a small revival over the last month. From the rect bottom the forward futures contract recovered almost...

The Commodity Report

U.S. Oil & Gas Rig Count Gains for Fifth Straight Week, First Since May 2022

U.S. oil and gas rig count rises for fifth straight week, first time since May 2022. However, oil rigs fell while the gas rig count climbed. U.S....

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Global Commodities: The pain trade

The oil market is currently oversold, with conflicting forecasts predicting varying price outcomes for Brent oil in the coming years and concerns...

At Any Rate

[ETP 2025/10] WTI Continues to Slide, Henry Hub Rises on Improved Demand Outlook

​US crude inventories rose, while gasoline and distillate stockpiles fell. Natural gas inventories fell below expectations. Aramco's 2024 profit...

Mint Finance

[US Crude Oil Options Weekly 2025/09] WTI Fell for Sixth Week on Trade Tensions and Demand Worries

​WTI futures dropped for the sixth consecutive week due to trade tensions, geopolitical uncertainties, and demand worries. Both Volume and OI PCR...

Mint Finance

How We Traded Wheat Short & CTA Positioning Update

How We Traded Wheat Short Wheat prices saw a small revival over the last month. From the rect bottom the forward futures contract recovered almost...

The Commodity Report

U.S. Oil & Gas Rig Count Gains for Fifth Straight Week, First Since May 2022

​U.S. oil and gas rig count rises for fifth straight week, first time since May 2022. However, oil rigs fell while the gas rig count climbed. U.S....

Mint Finance

US crude inventories rose, while gasoline and distillate stockpiles fell. Natural gas inventories fell below expectations. Aramco's 2024 profit...

WTI futures dropped for the sixth consecutive week due to trade tensions, geopolitical uncertainties, and demand worries. Both Volume and OI PCR...

U.S. oil and gas rig count rises for fifth straight week, first time since May 2022. However, oil rigs fell while the gas rig count climbed. U.S....