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Daily (07.10.2020): Oil prices continued to climb on Tuesday amid widening strike in Norway, hurricane supply disruptions
Crude oil futures surged over 3% on Tuesday, spurred by widening strike of oil workers in Norway, and the start of evacuations from oil platforms in the Gulf of Mexico ahead of the expected arrival of Hurricane Delta. Additionally, the return of the president to the White House to continue his coronavirus treatment triggered a general rally in asset markets. Hence, Brent crude for December delivery soared by $1.36 a barrel, or 3.3%, to settle at $42.65 a barrel. Meanwhile, U.S. WTI crude for November delivery settled at $40.67 a barrel, surging by $1.45, or 3.7%.
read more... 07/10/2020
Daily (06.10.2020): Oil prices settled over 5% higher on Monday amid reports of Trump’s improving health, lower supply from Norway
Crude oil prices rebounded over 5% on Monday, spurred by the state of health of Donald Trump, who announced that he would be released from the hospital at the end of the afternoon. Another round of stimulus in the U.S. and curtailing crude output in Norway due to a monitored strike also supported oil prices. Hence, Brent crude for December delivery soared by $2.02, or 5.1%, to settle at $41.29 per barrel, notching its first gain after four consecutive daily declines. Meanwhile, U.S. WTI crude for November delivery surged by $2.17, or 5.9%, to close at $39.22 per barrel, registering its first rise in three sessions.
read more... 06/10/2020
Daily (05.10.2020): Oil fell by 4% on Friday, on news that US President Donald Trump was tested positive for Covid-19
Oil prices lost ground on Friday amid uncertainty surrounding the U.S. president’s health. A weak unemployment report and increased supply from major world oil producers put extra pressure on prices. As a result, Brent crude fell by 4.1% to settle at $39.27 a barrel. Meanwhile, WTI futures declined by 4.3% to $37.05 a barrel.
read more... 05/10/2020
Daily (02.10.2020): Oil prices fell to a two-week low on Thursday, posting their first monthly decline since April amid virus fears
Oil prices dipped to a two-week low on Thursday as coronavirus flareup is causing renewed concerns over more lockdown measures, clouding the demand outlook. Moreover, a rise in OPEC output in September added further pressure on oil prices. Hence, Brent crude fell by $1.37, or 3.2%, to settle at $40.93 a barrel. Meanwhile, U.S. WTI crude shed by $1.50, or 3.7%, to close at $38.72 a barrel. In September, Brent lost 9.56%, while WTI 5.61%. This is the first month of decline since April.
read more... 02/10/2020
Daily (01.10.2020): UK forward gas prices fell by over 2% on Wednesday, amid rising Norwegian flows and weaker oil prices
Crude oil prices were almost flat on Wednesday on US financial stimulus hopes, and as global fuel demand concerns are still present amidst the coronavirus pandemics. As a result, the price for Brent crude decreased by 0.2% to $40.95 a barrel. Meanwhile, WTI futures added 2.4% closing at $40.22 due to an expected drop in US crude inventories.
read more... 01/10/2020