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Daily (26.09.2019): NBP spot tumbled by 6.7% on Wednesday weighed by robust LNG send-outs
Oil prices extended losses on Wednesday, after an unexpected rise in U.S. crude stockpiles and a faster-than-awaited recovery of Saudi Arabia’s oil production. A rally in the dollar index, which moves inversely with oil, also put pressure on crude futures. As a result, WTI futures dropped by 1.4% to 56.49 USD/bbl, while Brent crude ended 1.1% lower at 62.39 USD/bbl.
read more... 26/09/2019
Daily (23.09.2019): NBP spot rose by nearly 4% on Friday, on expectations for colder weather and reduced gas flows to Europe
Crude oil prices edged lower on Friday, as investors are worried about the trade war between U.S. and China. Hence, Brent crude traded 0.2% down at $64.28 a barrel, while WTI futures slipped by 0.1% to $58.09.
read more... 23/09/2019
Daily (20.09.2019): NBP spot fell by nearly 3% on Thursday, as low wind and reduced French power output boosted gas-for-power demand
Crude oil prices turned bullish on Thursday, as traders started to doubt whether Saudi Arabia will be able to fulfill its pledge to restore lost production by September 30 and its capacity by November 30 after last weekend’s attack. Geopolitical risks were the main driver in the price rise, as the market await further reactions from Saudi Arabia and the U.S., which strive at building a peaceful coalition rather than engaging in a military action. A weaker U.S. dollar also supported prices. Brent crude rose by 1.3% to 64.40 USD/bbl, while WTI futures were rather steady at 58.13 USD/bbl.
read more... 20/09/2019
Daily (18.09.2019): NBP spot retreated by 4.9% on Friday, amid softer oil prices and lower supply risks
The announcement by Saudi energy minister on Tuesday about the full restoration of Saudi Arabia’s oil production capabilities, after the largest supply disruption in 50 years, stopped the surge and led to a fallback in crude oil prices. Potential releases from strategic oil reserves in the U.S. and other countries added pressure on prices. Consequently, Brent crude dropped back by 6.5% to $64.55 a barrel, while WTI futures retreated by 5.7% to $59.34 a barrel.
read more... 18/09/2019
Daily (16.09.2019): NBP spot soared by over 13% on Friday amid higher demand after official order to cut Gazprom’s flows
Crude oil prices traded lower on Friday, amid worries over global economic slowdown and thinner oil demand. WTI futures fell by 0.4% to $54.85 a barrel, while Brent crude edged 0.3% down at $60.22 a barrel, heading for the first weekly fall in three and five weeks respectively. Nevertheless, crude prices are expected to spike after a drone attack on two Saudi Aramco oil facilities on Saturday, which slashed by 50% Saudi Arabia’s oil output, or the equivalent of 5% in the global oil supply.
read more... 16/09/2019