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Daily (31.07.2019): WTI futures hiked by over 2% on Tuesday, due to a potential Fed rate cut and lower U.S. crude stocks
Crude oil prices posted robust gains on Tuesday, on hopes that the ongoing two-day meeting of U.S. central bankers would result in an interest rate cut for the first time in over ten years. Prices were also boosted by expectations that the U.S. crude stocks might have dropped for the seventh consecutive week. In addition, persistent supply concerns in the Strait of Hormuz lent more support to prices. Consequently, Brent crude rose by 1.6% to $64.72 a barrel, while WTI futures surged by 2.1% to $58.05 a barrel.
read more... 31/07/2019
Daily (30.07.2019): NBP spot dropped by 2.4% on Monday, due to stronger Norwegian flows and weak demand
Crude oil prices inched up on Monday, amid expectations that U.S. Federal Reserve might lower the borrowing costs this week for the first time in over a decade. Ongoing supply concerns around the Strait of Hormuz also supported prices. Still, on demand side, reduced hopes for a trade deal between the U.S. and China before the 2020 U.S. election, limited gains. As a result, Brent crude traded 0.4% higher at $63.71 a barrel, while WTI futures climbed by 1.2% to $56.87 a barrel.
read more... 30/07/2019
Daily (29.07.2019): EU spot power prices plunged by over 22% on Friday, due to forecasts for cooler weather
Crude oil prices edged up on Friday, backed by stronger consumer spending in the U.S. and heightened concerns about safety of oil transport around the Strait of Hormuz. Lower U.S. crude stocks lent more support to prices. However, gains were limited by fears that oil demand would decline due to slower global economic growth. Against that backdrop, Brent crude advanced by only 0.1% to $63.46 a barrel, while WTI futures rose by 0.3% to $56.20 a barrel.
read more... 29/07/2019
Daily (26.07.2019): EU carbon prices failed to hit the €30 mark on Thursday, as sellers unloaded inventory
Oil prices inched up on Thursday, bolstered by rising tensions between U.S. and Iran and a sharp drop in U.S. crude stockpiles. However, slower global economic growth that could reduce fuel demand limited gains. As a result, Brent crude edged 0.3% higher at $63.39 a barrel, while WTI futures closed 0.3% up at $56.02 a barrel.
read more... 26/07/2019
Daily (25.07.2019): NBP spot plunged by 3.7% on Wednesday, as Sterling hit a one-month high versus the euro
Crude oil prices nudged down on Wednesday, despite a large decrease in U.S. crude stockpiles as investors are concerned about global oil demand. Saudi Arabia’s and Kuwait’s plans to resume oil production in the Saudi–Kuwaiti Neutral Zone also put pressure on oil prices. As a result, Brent crude inched 1% down at $63.18 a barrel, while WTI futures settled 1.6% lower at $55.88 a barrel.
read more... 25/07/2019