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Daily (17.10.2019): NBP spot slumped by over 8% on Wednesday amid firmer Norwegian exports and lower gas-for-power demand
Speculations about a potential extension of crude supply cuts by OPEC and its allies as of December led to a recovery in crude oil prices on Wednesday. The greenback’s slide coupled with short covering in anticipation of an industry report on U.S. crude inventories also contributed to the market rally. Still, concerns over tighter crude demand and expectations for higher crude stocks in the U.S. limited gains. Against that backdrop, Brent crude rose by 1.2% to 59.42 USD/bbl, while WTI futures advanced by 1% to 53.36 USD/bbl.
read more... 17/10/2019
Daily (15.10.2019): NBP spot spiked by 21.3% on Monday, due to lower send-out rates from LNG terminals and weaker wind output
Crude oil prices fell on Monday on doubts about a China-U.S. trade deal. China declared that further discussions were needed, while U.S. reported that tariffs on Chinese imports are still set to take effect on Dec. 15, if a deal is not reached by that time. A rise in U.S. dollar also put pressure on prices. Hence, Brent crude fell by 1.9% to $59.35 a barrel, while WTI futures dropped by 2% to $53.39 a barrel.
read more... 15/10/2019
Daily (10.10.2019): NBP spot tumbled by 19% on Wednesday due to rising imports from the North Sea and higher wind generation
Crude oil prices were rather constant on Wednesday. Brent crude traded 0.1% up at $58.32 a barrel, as recent Turkish attacks against northeast Syria could affect the economy of the oil-producing Kurdistan region. Meanwhile, a more-than-expected rise in weekly crude stocks put pressure on the WTI futures, which slipped by 0.1% to $52.59 a barrel.
read more... 10/10/2019
Daily (08.10.2019): Higher wind power output and warmer weather pushed NBP spot 6.3% down on Monday
Oil prices were little changed on Monday on hopes of progress in U.S.-China trade negotiations which should take place on Oct. 10-11 in a fresh effort to work out a deal. However, worsening global economic conditions still put pressure on oil demand. Hence, Brent crude ended at $58.35 a barrel, while WTI futures lost 0.1% to end at $52.75 a barrel.
read more... 08/10/2019
Daily (01.10.2019): NBP spot tumbled by nearly 15% on Monday amid higher Norwegian flows
Crude oil prices continued to decline on Monday, amid receding worries over tighter supply and tensions in the Middle East after the last month’s attacks on Saudi’s oil sites. Uncertainty over U.S.-China trade negotiations added pressure on prices. Against that backdrop, Brent crude fell by 1.8% to $60.78 a barrel, posting the biggest 8.7% loss since the fourth quarter 2018. WTI futures dipped by 3.3% on a daily basis to end at $54.07 a barrel, plunging by 7.5% for the quarter.
read more... 01/10/2019