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Daily (22.10.2019): NBP spot turned bearish to plunge by 17.8% on Monday, on rising flows via the Langeled pipeline
Crude oil prices traded lower on Monday, as the U.S. commerce secretary said that an initial China-U.S. trade deal does not need to be finalized next month, stoking concerns over global economic growth. Reports showing that Russia oil output surpassed OPEC+ quota also weighed on prices. However, slighlty higher European shares due to a potential optimistic Brexit deal limited losses. Hence, WTI futures fell by 0.9% to $53.31 a barrel, while Brent crude edged 0.8% down at $58.96 a barrel.
read more... 22/10/2019
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
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 (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
Daily (30.07.2019): NBP spot dropped by 2.4% on Monday, due to stronger Norwegian flows and weak demand
Crude oil prices inched up on Monday, amid expectations that U.S. Federal Reserve might lower the borrowing costs this week for the first time in over a decade. Ongoing supply concerns around the Strait of Hormuz also supported prices. Still, on demand side, reduced hopes for a trade deal between the U.S. and China before the 2020 U.S. election, limited gains. As a result, Brent crude traded 0.4% higher at $63.71 a barrel, while WTI futures climbed by 1.2% to $56.87 a barrel.
read more... 30/07/2019