OPEC and brexit comments

 The Bank OF England Annual Report is out and In it, the Bank admits that it doesn’t know the impact of the Brexit vote on its balance sheet, saying:

“The United Kingdom held a referendum on 23 June on whether or not to remain a member of the European Union. As a result of the decision to leave the EU, the Bank continues to consider the implications of this decision on its strategy, business plan and balance sheet. A reasonable estimate of the impact on the balance sheet cannot be made at this time due to volatility preventing use of appropriate market pricing.”

Microcosm of the market as of late. Don’t know full impact of brexit at this time.Also a comment from Soc Gen ‘Investors everywhere are a bit unsure what the UK’s departure from the EU will look like and what it means, a mindset that may now last a while.”

OPEC comments today :

  1.  Saudi Aramaco Cuts official selling prices(OSP) to USA by .10  =bearish
  2. Saudi Aramco cuts OSP to asia by .40 cents =Bearish
  3. Saudi Aramco raised OSP to NW Europe  +30 Cents  =Bullish
  4. Reuters survey shows  June OPEC production higher by 250k a day  highest in  recent history =bearish


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