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Daily (14.08.2023): Oil prices climbed on Friday amid IEA's forecasts of record global demand in 2023
Oil prices rose for the seventh week in a row on Friday, driven by recent projections from the International Energy Agency (IEA) regarding global oil demand growth in 2023. The IEA's monthly report indicates that demand is set to reach a historic high of 102.2 million barrels per day, making it the highest level ever recorded. Consequently, Brent crude increased by 0.5% to $86.81 a barrel, while WTI crude advanced by 0.4% to settle at $83.19 a barrel.
read more... 14/08/2023
Daily (11.08.2023): Gas prices retreated on Thursday amid hopes that a potential strike at an Australian LNG facility could be averted
Oil prices decreased due to a technical adjustment and concerns about the global economic outlook on Thursday. Recent data revealed that US core inflation increased to 3.2% in the previous month, a slight rise compared to June. The increase triggered speculation about the possibility of the Federal Reserve implementing another interest rate increase. As a result, Brent crude fell by 1.3% to $86.40 a barrel, while WTI crude declined by 1.9% to settle at $82.82 a barrel.
read more... 11/08/2023
Daily (10.08.2023): Gas prices rocketed on Wednesday following potential LNG supply disruptions
Oil prices rallied on Wednesday, with WTI hitting ten-month highs, benefiting from both a weaker dollar and a return of risk appetite, against a backdrop of tighter supply from OPEC+. As a result, Brent crude increased by 1.6% to $87.55 a barrel, while WTI crude rose by about 2% to settle at $84.40 a barrel.
read more... 10/08/2023
Daily (09.08.2023): Oil prices rose on Tuesday as tight supply offset disappointing Chinese commercial data
Oil prices rose on Tuesday after initially losing ground, amid concerns about Chinese demand following the release of disappointing commercial data in the country. As a result, Brent crude surged by 1% to $86.17 a barrel, while WTI crude increased by 1.2% to settle at $82.92 a barrel.
read more... 09/08/2023
Daily (08.08.2023): Germany recorded seven hours of negative power with a low of -9.99 EUR /MWh amid elevated wind output
Crude oil prices fell on Monday as a result of reduced demand for gasoline in the US, following the end of the summer driving season. Furthermore, the expansion of Chinese strategic oil reserves added downward pressure on prices. Thus, Brent crude dropped by 1.1% to end at $85.34 a barrel. Meanwhile, U.S. WTI crude declined by over 1% to settle at $81.94 a barrel.
read more... 08/08/2023