Callum Macpherson

Investec Head of Commodities Callum Macpherson shares his insights on the fluctuation in oil prices last week and the upcoming EU embargoes on Russian refined products.

Investec Head of Commodities Callum Macpherson looks at what 2023 holds in store for energy markets.

Investec Head of Commodities Callum Macpherson examines the impact of the strengthening Brent price.

Investec Head of Commodities Callum Macpherson looks at some of the key topics that will be up for discussion at the International Energy Week in London this week.

In its monthly report, the International Energy Agency has significantly increased its demand forecast for 2023, by 300kb/d. Investec Head of Commodities Callum Macpherson looks at what this means for the energy market.

Brent rose at the end of last week after Russia announced a supply cut. Investec Head of Commodities Callum Macpherson discusses the significance of this development.

The G7 has now agreed on a price cap on Russian refined products. Investec Head of Commodities Callum Macpherson lets us know how these caps will work and how they will impact the markets.

Brent was very soft at the start of last week, but then rebounded - Investec Head of Commodities Callum Macpherson looks at what has brought this about.

After weeks of being fairly range bound, Brent dropped to its lowest level since December 2021 last week and is lower again this morning. Investec Head of Commodities Callum Macpherson discusses these moves.

Investec Head of Commodities Callum Macpherson analyses the latest fall in oil prices.

In this episode, Investec Head of Commodities Callum Macpherson discusses China's growth target and is the UAE leaving OPEC?

Brent fell back towards 80 $/b at the end of last week. Head of Commodities Callum Macpherson explains how this has happened in spite of the production cuts that have been announced.

The International Energy Agency’s monthly report was published at the end of last week. Head of Commodities Callum Macpherson discusses what the IEA had to say about the state of the oil market.

A week on now from the announcement of cuts to output from the Saudi’s and others, Investec Head of Commodities Callum Macpherson discusses oil market’s reaction.

Investec Head of Commodities Callum Macpherson explains OPEC's decision to cut output and what it means for the markets.

The next OPEC+ meeting will be held on Sunday. Investec Head of Commodities Callum Macpherson discusses what might come out of that meeting.

Investec Head of Commodities Callum Macpherson discusses the International Energy Agency’s latest monthly report on the oil market.

Brent reached a low of 71 last week, but has now rallied back over 76$/b, Head of Commodities Callum Macpherson explains the shift.

Brent has been trading under 80 $/b in recent days as the oil market continues to worry about the economic outlook. Head of Commodities Callum Macpherson discusses these dynamics.

There have been extraordinary events over the weekend in Russia, but this seems not to have had any impact on oil prices. Investec Head of Commodities Callum Macpherson explains.

Investec Head of Commodities Callum Macpherson discusses the International Energy Agency’s published reports on the short-term and long-term outlook for the oil market.

The market is still worried about demand. Investec Head of Commodities Callum Macpherson discusses the market dynamics.

The OPEC+ has come to a complex agreement during their meeting on Sunday. Head of Commodities Callum Macpherson gives details of the decisions made.

Investec Head of Commodities Callum Macpherson examines the fundamental and macro drivers behind Brent breaking the $85 a barrel mark last week.

It is unclear whether Saudi Arabia might extend its additional voluntary cut for another month. We discuss the sensitivity of the market to that decision

Investec Head of Commodities Callum Macpherson unpacks the factors that pushed the global benchmark for Brent crude over the $80 mark last week, and looks at the prospects for the week ahead.

When Saudi Arabia announced its additional one million barrel per day cut at the start of June, to apply to July it said it would only be for one month, the question is whether that cut will be extended into August. Investec Head of Commodities Callum Macpherson discusses market reaction.

Brent is lower again this week, after reaching a high of 88 a couple of weeks ago. Investec Head of Commodities Callum Macpherson explains.

Investec Head of Commodities Callum Macpherson explains what’s behind the large increase in gas prices last week in Europe.

Brent reached a high of over 86 $/b last week after Saudi Arabia announced that its additional voluntary cuts had been extended. Investec Head of Commodities Callum Macpherson explains why the country has done this and how significant is the move.

There was a new high in Brent - close to 96 $/b last week, but also lows close to 92 $/b. Is this a sign the rally is running out of steam? Investec Head of Commodities Callum Macpherson explains.

Investec Head of Commodities Callum Macpherson discusses oil rallied strongly last week after Saudi Arabia announced an extension to its cuts.

Brent reached its highest level since January this year, at the end of last week. Investec Head of Commodities Callum Macpherson explains what was driving that move.

In spite of the developments in Gaza, oil prices have not been moving much. Head of Commodities Callum Macpherson explains why.

It is just over a week since the conflict in the Middle East, Head of Commodities Callum Macpherson takes stock of what energy markets have been doing since then.

Brent set a low of under 84 $/b last week, rallied sharply this morning after the events that unfolded in Israel over the weekend. Head of Commodities Callum Macpherson discusses latest Brent moves.

Brent set another new high over 97 $/b last week, but it is much lower today, Investec Head of Commodities Callum Macpherson discusses what has been behind these moves.

The weekend OPEC+ has been postponed. Investec Head of Commodities Callum Macpherson explains why this has happened.

Last week saw further falls in oil and Brent reached a low of 76.60 $/b. Against this backdrop of weak prices, OPEC+ are meeting on this coming weekend. Investec Head of Commodities Callum Macpherson discusses how might they react to recent developments.

The selloff in oil markets accelerated last week and Brent touched 79.20 $/b. Head of Commodities Callum Macpherson looks at the outlook.

Oil prices have softened again as the market seems to be increasingly confident that the war in Gaza will not disrupt supplies. Investec Head of Commodities Callum Macpherson looks at the dynamics at play.

Investec Head of Commodities Callum Macpherson looks back on the 2024 key events and what the outlook for 2024 is.

The delayed OPEC+ meeting took place last Thursday. Investec Head of Commodities Callum Macpherson discusses what was discussed.

OPEC met last week, after a decision in December to leave the meeting in session. Callum Macpherson gives an update on the outcomes of the meeting.

Investec Head of Commodities Callum Macpherson discusses his 2022 Oil Hedging Considerations note.

Brent came close to 90 $/barrel last week, what have been the drivers behind this? And what did the International Energy Agency have to say that interested the oil market?

Brent has now broken 90 $/b and we have an OPEC meeting on Wednesday, Callum Macpherson discusses what to expect out of the OPEC meeting.

OPEC agreed to increase production at its meeting last week, but Brent has continued to rally, does this mean OPEC is not doing enough? And is the rally driven by speculators?

Russian President Vladimir Putin has escalated the situation in the Ukraine and Brent has set fresh highs and European gas prices are sharply higher. What can we expect next?

Since the Russian invasion of Ukraine Brent broke 100 $/b for the first time since 2014, Investec Head of Commodities Callum Macpherson discusses some of the key issues for the energy market where the conflict is concerned.

Last week Brent broke through the 100 $/b mark and on Monday it came close to 140$/b, Head of Commodities Callum Macpherson discusses the unfolding events that are pushing up the price of oil.

Investec Head of Commodities Callum Macpherson discusses the oil price, Iran deal and the moves in the price of diesel and jet fuel.

Brent softer on Monday morning ahead of the OPEC+ meeting on Thursday.

Brent came down again last week after the announcement of a release of crude from US strategic reserves, does the news of the reserve release ease supply issues for now?

The market has two main considerations; disruption from the war in the Ukraine and Covid outbreaks in China. How is the market reacting to these uncertainties?

What should the market expect form the OPEC meeting on Thursday?

Brent traded as high as 114 $/b last week, Head of Commodities Callum Macpherson explains what’s behind this move.

Brent traded over 115 $/b last week, does this mean brent is breaking out of its range? Investec Head of Commodities Callum Macpherson discusses the latest on the oil price.

In this episode, Head of Commodities Callum Macpherson discusses China easing restrictions in some areas, the EU deal imposing an oil embargo against Russia and the upcoming OPEC meeting.

In this episode, Head of Commodities Callum Macpherson discusses market reaction to OPEC+ increasing output.

The International Energy Agency’s monthly oil report was very bullish and yet oil prices fell heavily last week, Head of Commodities Callum Macpherson discusses the latest from the report.

Head of Commodities Callum Macpherson discusses Iran talks, Russian oil prices and the oil market.

Brent is trading much lower than last week, Head of Commodities Callum Macpherson discusses the factors behind this.

Brent traded under US$100/b for the first time since April, what is behind this? And is Covid playing a part again?

What is driving the weaker price of oil? And what has US President Joe Biden achieved with his Middle East visit?

Brent is back at over 100$/b, but remians soft and EU weakens some sanctions on Russia, listen to the discussion with Head of Commodities Callum Macpherson.

Head of Commodities Callum Macpherson gives an update on the oil price and market ahead of the OPEC+ meeting next week.

Head of Commodities Callum Macpherson gives an update on the price cap on Russian oil and what to expect from the OPEC+ meeting this week.

Head of Commodities Callum Macpherson discusses what OPEC+'s decision to cut production mean for the balance of market.

Head of Commodities Callum Macpherson discusses some big moves in gasoil and if the energy plan will help European markets.

Brent traded under 85 $/b on Monday morning, taking it back to the lows at the start of March. Why has oil weakened so much? Head of Commodities Callum Macpherson discusses the latest on the oil market.

OPEC+ announced a 2million b\d cut last week, what will this mean for production?

The International Energy Agency published its latest monthly report last week, warning about the risk of price spikes tipping the global economy into recession. What does all of this mean for oil prices?

Brent traded below 90$/b last week and is not much higher on Monday. Last week, the US announced a reserve release, how much impact has this had on oil markets? And can the US continue releasing reserves in this way?

Brent traded at its highest levels since early October last week, but is lower on Monday, what is driving the market at the moment? And a look at gas prices in Europe – the spot price is very low, but the futures are very low.

Contrary to recent rumours about China relaxing its zero covid policy, China has confirmed it will stick with the policy. What does this mean for oil?

There were some big swings in oil prices last week, Head of Commodities Callum Macpherson discusses what’s behind this.

There were sharp falls in oil prices at the end of last week, as Brent fell below 86 $/b. Investec Head of Commodities Callum Macpherson discusses these developments and what to expect from the upcoming OPEC meeting.

There have been extraordinary scenes of lockdown protests in China over the weekend, Investec Head of Commodities Callum Macpherson discusses the significance of this is for energy markets.

OPEC+ met over the weekend, Investec Head of Commodities Callum Macpherson unpacks some of the decisions announced.

Investec Head of Commodities Callum Macpherson discusses what was behind heavy falls in oil prices last week and how OPEC+ could react to market developments.

Brent has performed very well since the new year began increasing to $56 per barrel. We take a look at why this has occurred and what may happen in the near future. 

This week we talk through the 2021 Oil Hedging Considerations pieces which Callum Macpherson's team issued at the end of last week.

It's been a relatively quiet week for oil markets. Callum Macpherson unpacks the recent events impacting the markets this week. 

Again the oil market has been little moved over the last week as Brent continues to trade around 55 dollars per barrel. 

Brent is trading at $60 per barrel for the first time since January 2020. Callum Macpherson analysis how this is possible considering demand is weaker now than it was then. 

Brent has continued to increase in price and has even come close to $64 per barrel today. We take a look at what is driving this move. 

Brent breached $67 per barrel at the end of last week but is slightly lower this morning. We take a look at what to expect this week in the oil markets. 

Brent breached $70 per barrel at the end of last week but is slightly lower this morning. We take a look at what to expect this week in the oil markets. 

Brent is hovering around the $70 per barrel mark at the moment. But the large increase in US inventories reported last week has not impact price. We discuss this in our latest podcast. 

Oil markets have been watching the drama of the ship stuck in the Suez Canal. Reports this morning suggest the ship has been partially re-floated. We take a look at how this has impacted the market. 

After last week's meeting, OPEC+ have reached a deal to increase output. Callum Macpherson discusses the details of what was agreed in this week's podcast. 

It’s now a week since OPEC announced its supply increase and the market seems to have taken this supply increase in its stride. We take a look at whether oil prices will continue in the low 60s for the foreseeable future.

This week, Callum takes a look at the IEA report and what it had to say about the state of the oil market.

This week, we take a look at what OPEC might be speaking about ahead of a meeting on Wednesday.

OPEC has decided to stick to its planned increases for July and yet the market has rallied, head of commodities Callum Macpherson analyses why this may be. 

Head of commodities, Callum Macpherson takes us through the recent cyberattack that affected a pipeline in the US. 

In this week's podcast, Callum discusses the possibility of breaking the $70 per barrel oil price and the conclusion to the cyber attack on the colonial pipeline in the US. 

The price of oil managed to break $70 per barrel last week but not for very long. Callum Macpherson takes a look at what drove this as well as other factors impacting the market. 

This week Investec's head of commodities Callum Macpherson discusses the recent OPEC meeting and the reasoning behind the decision to increase production in June and July by 700,000 barrels. 

The G7 Meeting has been going on in recent days and tackling climate change has been one of the key themes. We discuss what has been agreed and how might it affect energy markets in the years ahead. 

In this week's podcast, we discuss the impact of the newly elected president in Iran and the increase of oil prices to $75 per barrel off the back of the US inventory report, published on Wednesday. 

Brent set its highest level since 2018 at $76.60 per barrel last week and so OPEC+ is looking likely to increase output when they meet up on Thursday. We discuss this and more in the latest Oil Market Update. 

OPEC met last week but failed to reach an agreement. Discussions centred around increasing production between August and December, however, the United Arab Emirates blocked the deal. We discuss the detail behind the stalled talks in this week's podcast.

Brent has traded in a very wide range since last week's OPEC meeting. Callum discusses the results of the meeting, US inventories and what we should be looking out for in the oil markets this week. 

This week, we look at the implications of the agreed increase in oil production in May 2022, after initial resistance from the UAE. 

Oil prices are below $70 per barrel this morning having traded lower compared to the middle of last week. We discuss what's been driving this and what it means for the oil outlook. 

Oil prices are still below $70 per barrel this morning having failed to bounce back after last week. We discuss what's been driving this and what it means for the oil outlook. 

There have been some sharp moves lower in oil prices this week. We discuss what is behind this in the latest energy market podcast. 

In today's energy market podcast, we take a look at the impact of Hurricane Ida on production.

In this week's podcast, we discuss the impact of Hurricane Ida on oil production and progress being made with Iran and nuclear inspectors. 

In this week's podcast, we discuss the reasons behind the latest oil price rally and the causation of the recent hike in gas prices. 

In this week's podcast,  Brent reached a high of over 79$/b - we discuss why this happened and what is the significance of this.

In this week's podcast, OPEC+ are meeting on Monday 4 October - what will be the possible outcomes?

In this week's podcast, the market has moved higher since OPEC met on 04 Ocotber 2021. Has OPEC done too little?

In this week's podcast, brent has broken 86 $/b and in its report published last week, the International Energy Agency has said that demand will increase because of fuel switching. How tight is the market likely to be in the coming months?

In this week’s episode, Brent has set a new high this morning after trading mostly sideways last week, Callum Macpherson unpacks what’s behind the latest numbers.

In this week’s episode, we look at what's the expected outcome of the  OPEC+ meeting taking place on Thursday 4 November and with Brent off its highs - is the market worried OPEC+ might increase output?

In this week’s episode, Callum Macpherson unpacks market reaction after OPEC+ decided to increase output by 400kb/d, when it met last week.

In this week’s episode, Brent reached a high of over 79 $/b - why did this happen and what is the significance of this move?

In this week’s episode, the sell-off in oil deepened last week and Brent traded under 80$/b - what's driving this?

In this week’s episode, there was a tremendous sell-off on Friday of around 10 $/b -  the market has recovered some of those losses this morning. Was this an overreaction?

In this week’s episode,  OPEC agreed to go ahead with their increase to output, but insisted that the meeting has not ended. Investec Head of Commodities Callum Macpherson gives an in-depth analysis.

In the last episode of the year, the oil market has been stronger over the last week -  is the market becoming more confident about Omicron?

We take a look at the implications for the oil market after the events surrounding Iran and what it might mean for the future. 

Today's podcast focuses on the 2020 oil hedging considerations piece, which you can download below.

We analyse the impact of the coronavirus on the oil market.

We take a look at the further sell-off inBrent this week as lows reach 56 $/barrell.

There are fresh lows in Brent under 54 $/barrell last week as the coronavirus continues to spread. 

Brent set a new low last week, but then managed to recover sharply. We analyse this and other movements in the oil market this week.

It's International Petroleum Week in London this week. We review this and other factors impacting the oil market.

Oil markets suffered heavy falls as signed increased of the coronavirus spreading outside of China.

We take a look at the latest oil movements as the continued virus outbreak puts more pressure on the oil markets. 

Last Thursday President Trump sparked some activity in the oil markets and Brent even went over 50% at one point, we take a look at all of this in the latest oil market update. 

Over the weekend OPEC+ reached an historic deal with the US and others and agreed to a dramatic cut in production and yet the market has hardly moved. We review this and other market movements.

Last week we were talking about the possibility of the market moving lower and that is certainly what happened. Brent traded under 27 $/b earlier this morning. 

There was a dramatic and historic downturn last week as May WTI went as low as -40 $/barrell. We discuss this and whether it's a one-off or a sign of things to come. 

We take a look at whether the crisis for oil has surpassed as the market becomes more positive. 

Last week, the oil market was relatively stable and Brent hovered around 30 $/b - we analyse this and more in this week's podcast.

Last week oil, again, traded in quite tight range around 30$/b. But at the end of the week the market moved higher - we analyse this and more in this week's podcast.

The bank holiday caused a minor rally in oil prices yesterday, perhaps due to what Exective Director of the International Energy Agency, Fatih Birol, said regarding peak oil demand. We discuss this and more in this week's podcast. 

There has been a strong start for Brent this week, we take a look at the latest increase and more in this week's oil market update. 

Brent broke 43 $/Barrell this morning after OPEC agreed to extend its cuts. We take a look at the changes outlined. 

This week we take a look at the downturn for Brent and where it may go from here. 

Brent rallied back up towards the highs of the month at the end of last week around 43 $/b, we discuss this and morein this week's podcast. 

In this week's podcast, we discuss whether the fears of a second coronavirus outbreak are behind the softening in Brent. 

Brent is back up to the top of the range at over 43 $/barrell, we discuss this and the large fall in US inventories as well. 

The market has been very range bound again over the last week, Callum delves into this, the IEA's monthly report and the possibility of OPEC+ extending cuts again. 

There has been, again, very little movement in markets this week. However, we take a look at the sharp fall in US inventories and where the market might go from here.

Brent did trade a little higher last week, but still did not break $45 per barrell. We take a look at this and other things to look out for this week. 

We finally saw some movement in Brent last week as it traded under 41.50 on Thursday, we take a look at what might be behind this recent move. 

Brent traded over 46 dollars per barrel last week, which is actually the highest since early March. We analyse this and what the recent Covid data can tell us about demand outlook. 

In this week's podcast we respond the International Energy Agency's July report. 

The oil market was softer at the end of last week with Brent touching a low of 43.50 $/b, but still relatively range bound.

Brent reached $41.50 per barrel earlier today. We analyse this and US inventory numbers and gasoline demand.

Callum Macpherson looks back on a volatile week for the oil market and examines the significance of recent moves. 

The oil market appears to have quietened down again, we analyse why it has settled down and the rising strength in diesel demand. 

Due to a number of reasons including; coronavirus and uncertainty over President Trump's health, Brent traded down to its lowest levels since June last week. Callum Macpherson reviews this and what may happen in the next few days. 

Brent rallied strongly at the end of last week, possibly due to Hurricane Delta passing through. We analyse this and other factors impacting oil price this week. 

We saw a break out in the range last week and Brent moved down to the mid-30s, Callum analyses the contributing factors. 

We take a look at how the news of a potential Covid-19 vaccine will have on the oil market. 

Brent rallied up to 46 dollars per barrel this morning in response to positive news surrounding Covid-19 vaccines. We take a look at what this may mean for OPEC heading into 2021. 

OPEC and its associates have a lot to think about as its two-day meeting starts today (Monday 30 November). 

OPEC emerged after agreeing on a deal concerning oil demand. Callum analyses this and the impact on the oil market. 

With Brent trading at under $57 per barrel last week, we look more closely at why the market has become so negative, and whether there is scope for it to go much lower.

It's been an eventful week in the oil markets, Callum Macpherson sums up last week's events, including the attack on an Iranian tanker and reports coming from the Oxford Institute of Energy Studies and the IEA.

This week we focus on the slight dip in Brent last week and other news surrounding the oil markets including the UK Government's ban on fracking and the Aramco IPO. 

Brent hovered around 62 $/barrel last week, in what was a relatively range bound week. We take a look at the key events impacting the market. 

This week we look ahead to the OPEC meeting which is just over two weeks away.

Although it has been a quieter week, we take a look at the wider trading ranges seen in recent times as well as looking ahead to OPEC meeting next Thursday. 

This week we anaylse the dramatic move lower in oil markets along with the potential decisions that could be taken by OPEC when they convene on Thursday. 

On this week's podcast, Callum reports on last Thursday's OPEC meeting, including a significant cut announcement.