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Daily (18.10.2019): EUAs nearly 1% off a fresh three-week high on Thursday, amid growing uncertainty over the fate of the new Brexit deal

Crude oil prices extended gains on Thursday after data pointed at a fall in the U.S. fuel stocks. Higher freight rates from Chinese shipping firm COSCO coupled with news about a new Brexit deal agreed between the UK and the EU also supported prices. Still, gains were capped by demand concerns in the wake of a larger-than-forecasted build in the U.S crude inventories and a string of poor economic data. Consequently, Brent crude inched up by 0.8% at 59.91 USD/bbl, while WTI futures added 1.1% to end at 53.93 USD/bbl.

read more... 18/10/2019

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Daily (17.10.2019): NBP spot slumped by over 8% on Wednesday amid firmer Norwegian exports and lower gas-for-power demand

Speculations about a potential extension of crude supply cuts by OPEC and its allies as of December led to a recovery in crude oil prices on Wednesday. The greenback’s slide coupled with short covering in anticipation of an industry report on U.S. crude inventories also contributed to the market rally. Still, concerns over tighter crude demand and expectations for higher crude stocks in the U.S. limited gains. Against that backdrop, Brent crude rose by 1.2% to 59.42 USD/bbl, while WTI futures advanced by 1% to 53.36 USD/bbl.

read more... 17/10/2019

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Daily (16.10.2019): The EUAs spiked by around 6.4% on Tuesday after an optimistic breakthrough in Brexit process

Crude oil prices extended their fall on Tuesday, as the uncertain outlook for the Sino-American trade negotiations, coupled with indicators of an economic slowdown in China fueled worries over global crude demand. The high level of U.S. crude stocks added pressure on prices. Consequently, WTI futures lost 1.5% to close at $52.81 a barrel, while Brent crude traded 1% down at $58.74 a barrel. However, hopes for a timely Brexit deal and signals of possible oil supply cuts from OPEC reduced losses.

read more... 16/10/2019

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Daily (08.10.2019): Higher wind power output and warmer weather pushed NBP spot 6.3% down on Monday

Oil prices were little changed on Monday on hopes of progress in U.S.-China trade negotiations which should take place on Oct. 10-11 in a fresh effort to work out a deal. However, worsening global economic conditions still put pressure on oil demand. Hence, Brent crude ended at $58.35 a barrel, while WTI futures lost 0.1% to end at $52.75 a barrel.

read more... 08/10/2019

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Daily (04.10.2019): The EUAs hit a six-month low on Thursday, pressured by mounting recession concerns

Crude oil prices slightly diverged on Thursday. WTI futures edged down by 0.4% to $52.45 a barrel, amid mounting crude demand worries, after pessimistic services sector and job growth figures in the U.S. added to the bearish macroeconomic tone set by earlier weak manufacturing readings. A stall in the Euro zone business growth reported for September also kept market under pressure. However, losses were capped by data showing lower U.S. oil output in July. Meanwhile, Brent crude was a shade higher at $57.71 a barrel, on hopes that a positive development might occur in the U.S.-China trade talks when these will resume on October 10.

read more... 04/10/2019

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