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Daily (03.11.2020): Oil prices rebounded sharply on Monday as Russian producers may support OPEC extension of output cuts
Crude oil futures rebounded sharply on Monday after Russian oil producers declared that they may be willing to extend the OPEC+ oil output cut accord if current unsupportive market conditions persist. Hence, Brent crude surged by $1.51 or 4%, to close at $38.97 per barrel, while US benchmark WTI crude soared by $1.02 or 2.9% to settle at $36.81 a barrel.
read more... 03/11/2020
Daily (02.11.2020): NBP spot plunged by over 9% on Friday amid healthy supply, weaker demand and falling commodities
Oil prices ended in a bearish mood on Friday, concluding the worst week in five months, weighed by sluggish demand and lack of response from major producing countries. A barrel of Brent for December delivery was 0.5%, or 19 cents, down at $37.46, while WTI crude fell 1.1%, or 38 cents, to $35.79 a barrel.
read more... 02/11/2020
Daily (30.10.2020): Oil prices sunk to multi-month lows on Thursday as renewed lockdowns in Europe raised fears of demand deterioration
Crude oil futures tumbled to multi-month lows on Thursday amid mounting COVID-19 cases that resulted in tighter restrictions in Europe, slashing consumption for the black gold. Hence, Brent crude shed by $1.47, or 3.8%, to settle at $37.65 per barrel, the lowest level since May 29. At the same time, U.S. WTI crude fell by $1.22, or 3.3%, to settle at $36.17 a barrel, touching the weakest level since June 1.
read more... 30/10/2020
Daily (29.10.2020): Partial lockdowns worldwide weigh on energy demand and on the entire energy complex
Crude oil tumbled by over 5% on Wednesday, as US oil stocks increased more than expected, while overall demand is expected to fall. As such, Brent oil ended at $39.12 a barrel, down 5.1%, or $2.08, from Tuesday’s close and WTI crude dropped by 5.5% to close at $37.39 a barrel.
read more... 29/10/2020
Daily (28.10.2020): British near-term gas prices hit one-week low on Tuesday amid a less cold weather, strong wind power generation
Oil futures rebounded on Tuesday after the Tropical Storm Zeta slashed considerably the energy output in the Gulf of Mexico, while worries about the impact on demand from the ongoing surging globally in COVID-19 cases continue to weigh on the market. Hence, Brent crude for December delivery rose by 74 cents, or 1.8%, to end at $41.20 a barrel. At the same time, U.S. WTI crude for December delivery soared by $1.01, or 2.6%, to settle at $39.57 a barrel.
read more... 28/10/2020