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Daily (09.10.2020): NBP gas for month-ahead delivery hit an almost 10-month peak on Thursday tracking higher oil and LNG prices

Crude oil futures hit their highest level in more than a month on Thursday as Hurricane Delta forces paralyzed nearly 92% of crude output in the Gulf of Mexico, while Saudi Arabia envisages postponing OPEC plans to boost output. The prospect of more production outages in the North Sea due to a workers’ strike added further support to oil markets. Hence, Brent crude for December delivery jumped by $1.35, or 3.2% to settle at $43.34 a barrel. Meanwhile, U.S. WTI crude surged by $1.24 cents, or 3.1%, to end at $41.19 a barrel.

read more... 09/10/2020

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Daily (09.09.2020): Oil prices tumbled to their lowest level since June on Tuesday amid Saudi price cut, COVID-19 surge

Crude oil futures tumbled to their lowest settlement since June on Tuesday, with Brent plunging below $40 amid a persistent surge in coronavirus cases worldwide and after Saudi Arabia decided to cut its oil prices in October. The end of U.S. summer holiday driving season added further pressure on U.S. WTI price. Hence, Brent crude for November delivery fell by 5.3% to close at $39.78 a barrel. At the same time, U.S. WTI crude plummeted by 5.9% to end at $36.76 a barrel.

read more... 09/09/2020

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Daily (09.06.2020): European spot electricity prices returned at pre-lockdown levels on Monday amid higher demand, lower renewables and nuclear output

Crude oil futures lost ground on Monday despite OPEC+ cuts as traders switched their focus on the announce that top producer Saudi Arabia and Gulf producers are not willing to extend cuts after June. Hence, Brent crude for August delivery fell by $1.50, or 3.6%, to settle at $40.80 a barrel. At the same time, U.S. WTI crude shed by $1.36, or 3.4%, to end at $38.19 a barrel.

read more... 09/06/2020

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Saudi Arabia and Russia pledge commitment to oil market stability

Saudi Arabia and Russia are committed to maintaining oil market stability as world oil demand remains squeezed from the economic fallout of the coronavirus pandemic.

read more... 14/05/2020

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Daily (13.05.2020): Crude oil futures recovered on Tuesday amid additional supply cuts by Saudi Arabia

Crude oil futures gained ground on Tuesday, after OPEC’s de facto leader, Saudi Arabia, pledged to deepen production cuts in June to help drain the glut in the global market. Hence, Brent crude futures rose by 35 cents, or 1.2%, to settle at $29.98 per barrel, while the U.S. WTI crude soared by $1.64, or 6.8%, to settle at $25.78 per barrel.

read more... 13/05/2020

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