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Daily (09.08.2017): Oil prices were bearish on Tuesday due to higher oil exports
Oil prices were bearish on Tuesday on increasing exports from United States, Libya and Nigeria. A recent recovery in Libya's oil output, and higher production in Nigeria, have complicated OPEC's efforts to curb supply. The U.S. EIA petroleum status report will be published on Wednesday, giving details on stockpiles and refinery runs that are expected to decline. Brent crude decreased by 0.44% to close at $52.14 a barrel, while WTI price fell by 0.45% to end at $49.17 a barrel.
read more... 09/08/2017
Daily (08.08.2017): UK prompt wholesale gas prices jumped by 4% on Monday due to Hornsea’s outage
Oil prices were slightly bearish on Monday, retreating from 9-week highs. According to traders, the market is looking for a statement, confirming that the OPEC will meet its agreed target, the possibility for price movement seems limited. Also, U.S. weekly oil production hit the highest value since August 2015 pushing down the prices. Brent crude dropped by 0.1% to close at $52.37 a barrel, while WTI price fell by almost 0.38% to close at $49.39 a barrel.
read more... 08/08/2017
Daily (04.08.2017): UK wholesale gas prices rose by 1.5% on Thursday on extended Kollsnes’ outage
Oil prices fell on Thursday, pushed down by high OPEC supplies. Yet traders consider, that the oil industry has adapted to “low prices era” and can produce and operate at price levels that previously would have been uneconomic. Brent crude tumbled by almost 0.7% to close at $52.01 a barrel, while WTI price decreased by 1.13% to close at $49.03 a barrel.
read more... 04/08/2017
Daily (02.08.2017): UK wholesale gas prices fell by 1.3% - 3% on Tuesday
Oil reversed to bearish on Tuesday, as OPEC production rose in July, according to Reuters survey, led by a further recovery in supply from Libya, one of the exempt producers. Nevertheless, U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell, supporting the prices by the end of the week. Brent crude edged 1.65% lower at $51.78 a barrel, while WTI price decreased by 2% to close at $49.16 a barrel.
read more... 02/08/2017
Daily (01.08.2017): European spot electricity prices soared by 60-70% on Monday on high air conditioning demand
Oil was slightly bullish near two-month highs on Monday, putting July 2017 to become the strongest month so far this year. Tightening U.S. market after heavy inventory falls and slower new oil rig additions supported the prices. Sentiment in the oil market is very bullish as some OPEC and non-OPEC members will meet on Aug. 7-8 in Abu Dhabi to assess compliance with production cuts. Also, the U.S. is considering imposing sanctions on Venezuela's oil sector, pushing up the prices. Brent crude rose by 0.25% to $52.65 a barrel, while WTI price rose by almost 1% to close at $50.17 a barrel.
read more... 01/08/2017