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Daily (07.04.2020): European year-ahead power prices soared on Monday due to an aggressive increase in carbon prices

Oil prices started the week on a back foot after a postponement to Thursday of a meeting between OPEC and its allies aimed at reducing the excess supply of black gold on the world market. Hence, Brent crude for June delivery fell by $1.06, or 3.1%, to settle at $33.05 a barrel on ICE London. Meanwhile, U.S. WTI crude decreased by 2.26, or 8%, to end at $26.08 on NYMEX. The two benchmarks saw a recovery last Thursday and Friday due to signals of new production cuts sent by Russia and Saudi Arabia.

read more... 07/04/2020

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Russia To Cut 1 Million Barrels Per Day, But Under One Condition

Russia may be willing to reduce its oil production by as much as 1 million bpd, or a little under 10 percent of its March average but only if the United States joins the cuts, Bloomberg has reported citing sources it said were familiar with the dominant sentiment in the industry.

read more... 07/04/2020

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Daily (03.04.2020): Brent and WTI surged by 21% and 25% respectively on Thursday as Trump signalled the price war might end soon

Crude oil futures increased considerably on Thursday, posting their biggest spike in a single session following a message from Donald Trump promising a reduction in Russian and Saudi production to rebalance the black gold market devastated by the covid-19 pandemic. At the same time, Saudi Arabia called for an urgent meeting of the OPEC and other countries, including Russia, to re-establish a balance in the oil markets.

read more... 03/04/2020

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Daily (01.04.2020): WTI crude rebounded by about 2% on Tuesday, but outlook remains gloomy

Oil futures evolved differently on Tuesday, with Brent crude edging lower at $22.74 a barrel, but showed some signs of improvement in early trading after U.S. President Donald Trump and its Russian counterpart Vladimir Putin agreed to talks on stabilizing energy markets. Meanwhile, U.S. WTI crude rose by 1.9% to settle at 20.48 a barrel.

read more... 01/04/2020

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Daily (31.03.2020): Oil prices plummeted to 18-year lows on Monday as demand suffers an unprecedented decline

Crude oil prices crashed to fresh 18-year lows on Monday as growing fears over the coronavirus pandemic eroded demand, while the Saudi Arabia-Russia price war threatened to overload the market. Brent crude collapsed by 8.7% to close at $22.76 a barrel, the lowest settlement since November 2002. Meanwhile, the U.S. WTI crude plunged by 6.6% to end at $20.09 a barrel.

read more... 31/03/2020

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