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Daily (29.08.2017): Gasoline prices boosted by Hurricane Harvey, but crude oil prices lower
Oil prices fell on Monday as diminished oil supply was offset by the refinery shutdowns due to Hurricane Harvey. Traders expect refineries demanding less oil as they take weeks to come back on line. Brent crude, on the other hand, stayed stronger as the U.S. will demand product from Europe as well as due to some shut down of Libyan oil production over the weekend. Brent crude closed 1% down at $51.89, while WTI price lost 2.71% to end at $46.57 a barrel.
read more... 29/08/2017
Europe registers a 39% jump in renewable power demand
As stated in a report by the Association of Issuing Bodies (AIB), Europe’s demand for power has rocketed by nearly 39% in comparison to last year. The contributing factor to this rise is the escalation of the number of people that have acquired renewable energy contracts through Guarantees of Origin.
read more... 18/08/2017
Daily (17.08.2017): Oil prices fell more than 1% on Wednesday amid gasoline inventories decline
Oil prices were volatile on Wednesday, even though U.S. crude inventories dropped for a 7-th consecutive week to their lowest level since January 2016, according to latest EIA data. However, gasoline inventories did not decline as expected, and the data also showed that U.S. domestic crude output rose adding to global oversupply. On the demand side, analysts see a gradual slowdown in fuel consumption growth.
read more... 17/08/2017
Daily (16.08.2017): Most of the UK wholesale gas prices slipped by 1-2% on Tuesday due to oversupplied system
Oil prices decreased during the first half of Tuesday’s trading session as ample supply from OPEC and the U.S. combined with the signs of weaker demand in China encouraged investors to sell long positions bought in July during a period of rising prices. Meanwhile, a recent report of a dip in Libyan output and a surge in the U.S. dollar had supported Brent. Brent closed the session 7 cents higher at $50.80 a barrel, while WTI price fell by 0.08% to end at $47.55 a barrel.
read more... 16/08/2017
Daily (15.08.2017): Oil prices dropped by 2.6% on Monday of weakening Chinese oil demand
Oil prices decreased on Monday steeper than expected on raising concerns that a glut of refined fuel products might weaken Chinese demand for oil. Also, U.S. drilling rig data published by Baker Hughes on Friday showed explorers boosted oil drilling capacity. Oversupply has been supported by rising production in Libya, which is trying to regain its pre-war oil production levels. Brent fell by 2.63% to close at $50.73 a barrel, while WTI price declined by 2.52% to end at $47.59 a barrel.
read more... 15/08/2017