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Daily (29.12.2023): Oil prices continued their losses on Thursday as shipping companies indicated readiness to navigate Red Sea
Crude oil futures retreated on Thursday following announcements from additional shipping firms indicating their readiness to navigate the Red Sea route. This development has helped to alleviate worries about potential supply interruptions, even as tensions continue to remain high in the Middle East. Hence, Brent crude declined by 1.5% to settle at $78.39 a barrel. U.S. WTI crude dipped by about 3% to $71.77 a barrel.
read more... 29/12/2023
Daily (28.12.2023): Oil prices dropped by about 2% on Wednesday, with investors digesting Red Sea developments
Crude oil futures retreated on Wednesday, erasing approximately half of the gains from the previous session. Nevertheless, the persistently deteriorating security situation in the Middle East kept prices near one-month highs due to potential threats to energy shipments. Hence, Brent crude declined by 1.8% to settle at $79.65 a barrel. U.S. WTI crude decreased by about $2% to 74.11 a barrel.
read more... 28/12/2023
Daily (27.12.2023): European spot electricity prices rocketed amid weaker wind generation
Crude oil prices surged more than 2% on Tuesday, hitting their monthly peak. The increase was due to fears of shipping disruptions following further Red Sea ship attacks and hopes of interest rate cuts boosting economic growth and fuel demand. Hence, Brent crude traded at $81.07 a barrel, while WTI crude traded at $75.57 a barrel.
read more... 27/12/2023
Daily (26.12.2023): European energy prices moved sideways amid Christmas break
Crude oil prices were rather flat on Monday but posted their biggest weekly gain since October as tensions persisted in the Middle East. Hence, Brent crude traded at $79.07 a barrel, while WTI crude traded at $73.56 a barrel.
read more... 26/12/2023
Daily (22.12.2023): Geopolitical situation driven by Red Sea shipping disruptions boosted forward gas and electricity prices on Thursday
On Thursday, oil prices experienced a decline, influenced by concerns that the demand for oil could be undermined in the coming year by the possibility of an economic recession. Additionally, the downward pressure on prices was exacerbated by Angola's announcement of its withdrawal from the OPEC. As a result, Brent crude closed at $79.39, and WTI crude settled at $73.89 per barrel, both contracts edging around 0.4% lower.
read more... 22/12/2023