Saxo Group Videos

Hansen: Weak start to the week for WTI

WTI crude is trading lower for a third day on rising US production and inventories as well as a slowdown in the reduction of US oil rigs, says Ole Hansen, Head of Commodity Strategy at Saxo Bank. And there are signs that prices will remain under pressure.

Australian mining giant BHP, which is active in US shale production, has announced it intends to reduce its onshore US rig count to 16 from 26 by the end of the year. At the same, BHP remains confident that its US shale production will increase by 50%.

Ole Hansen says that if this turns out to be a trend followed by some of the major US shale oil industry players, then a cut in production may take longer than many expect. This combined with rising inventories in the US is set to add pressure to WTI crude prices.

02:24 minutes
Tags: bhp, bhp billiton, commodites, commodities, commodities markets, commodities oil, commodities prices, commodities supply, commodities trading, commodities wti, commodities wti crude, commoditiies, commodity, commodity investing, commodity investments, commodity market, commodity markets, commodity outlook, commodity prices, commodity sector, commodity strategy, commodity trade, commodity trading, commoditymarket, crude, crude oil, crude oil price, crude oil prices, crude price, crude prices, crudeoil, hansen, marie-louise, marie-louise møller, møller, oil, oil inventories, oil market, oil price, oil price fall, oil prices, oil supply, oil trading, ole, ole hansen, ole hansen commodities, ole s hansen, ole saxo, olehansen, oleshansen, rig count, rig count reduction, saxo, saxo bank, saxo bank commodities, saxo bank group, saxo bank saxo tv, saxo bank trading, saxo bank trading floor, saxo bank tradingfloor.com, saxo traders, saxo trading, saxo tv, saxo tv saxo bank, saxo tv trades, saxo tv trading floor, saxo tv tradingfloor, saxo tv tradingfloor.com, saxobank, saxobank.com, saxotrader, saxotv, trade, trade idea, trade view, trader, traders, trading, trading commodities, trading idea, trading risks, tradingfloor, tradingfloor saxo bank, tradingfloor saxo tv, tradingfloor.com, tradingfloor.com saxo tv, tradingfloorcom, us shale, us shale oil production, wti, wti and oil, wti crude, wti crude oil, wti price, wti supply, wticrude

Switch to