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Daily (16.12.2020): EUAs extended record high on Tuesday in tandem with a bullish energy complex
Crude oil prices continued to gain ground on Tuesday, boosted by progress on vaccine rollout that helped ease market concerns over a spiral virus outbreak. Hopes for a new stimulus package in the United States added further support to oil prices. Hence, Brent crude for February delivery rose by 47 cents, or 0.9%, to close at $50.76 per barrel. Meanwhile, U.S. WTI crude for January delivery increased by 63 cent, or 1.3%, to settle at $47.62 a barrel. Both contracts posted their highest levels in nine months.
read more... 16/12/2020
Daily (15.12.2020): Oil prices hit their highest levels in nine-months on Monday amid vaccine rollout
Crude oil futures gained ground on Monday despite OPEC cutting its forecast for 2021 growth in oil demand, with traders focusing over the start of the coronavirus vaccine campaign in the United States. Hence, Brent crude for February delivery rose by 32 cents, or 0.6%, to settle at $50.29 a barrel. Meanwhile, U.S. WTI crude for January delivery increased by 42 cents, or 0.9%, to end at $46.99 a barrel. Both contracts climbed to their highest level in nine months.
read more... 15/12/2020
Daily (11.12.2020): Brent crude tops $50 for the first time since March amid vaccine optimism
Oil prices surged on Thursday, with Brent crude surpassing $50 a barrel for the first time since March as optimism surrounding Covid-19 vaccine progress lifted the outlook for consumption. Moreover, the oil market was spurred by reports suggesting Chinese demand is exceeding pre-Covid levels. Hence, Brent crude for February delivery rose by $1.39, or 2.8%, to settle at $50.25 a barrel. Meanwhile, U.S. WTI crude for January delivery soared by $1.26, or 2.8%, to close at $46.78 a barrel. Both contracts marked their highest settlements since March 4.
read more... 11/12/2020
Daily (01.12.2020): Oil prices pulled back from record gains amid OPEC uncertainty about the extension of output cuts, but notched a 27% gain for November
Crude oil futures retreated from multi-month highs on Monday as OPEC+ postpones output cut decision to Thursday. Hence, Brent crude declined by 1.2% to settle at $47.59 a barrel. Meanwhile, U.S. WTI crude lost 0.4% to close at $45.34 a barrel. For November, both contracts rallied by around 27%, their biggest monthly gains since May on hopes of upcoming vaccines for COVID-19 that would help economic activity and oil demand resume.
read more... 01/12/2020
Daily (25.11.2020): Oil futures surged to 9-month high on Monday amid strong optimism on coronavirus vaccine, transition to Biden presidency
Crude oil futures climbed to fresh multi-month highs on Tuesday as optimism arising from potential coronavirus vaccines overshadows inventory build-up in the US. The beginning of transition of power in the White House added further support to WTI. Hence, Brent crude surged by $1.80, or 3.9%, to close at $47.86 per barrel. Meanwhile, U.S.WTI crude soared by $1.85, or 4.3%, to finish at $44.91 per barrel. Both contracts reached their highest settlements since March, even returning to levels before the outbreak of the coronavirus pandemic.
read more... 25/11/2020