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Daily (17.08.2017): Oil prices fell more than 1% on Wednesday amid gasoline inventories decline
Oil prices were volatile on Wednesday, even though U.S. crude inventories dropped for a 7-th consecutive week to their lowest level since January 2016, according to latest EIA data. However, gasoline inventories did not decline as expected, and the data also showed that U.S. domestic crude output rose adding to global oversupply. On the demand side, analysts see a gradual slowdown in fuel consumption growth.
read more... 17/08/2017
Nigeria state oil firm drives production price of oil barrel from $29 to $23
Nigeria announced that it has reduced the production cost per barrel of crude oil from $29 last month to $23. The cut in price follows complaints about the price of the barrel being the highest in the world.
read more... 17/08/2017
Daily (14.08.2017): British wholesale gas prices rose on Friday due to an unplanned outage
Oil prices increased on Friday, following the IEA’s report which stated that crude oil stockpiles were now below 2016 levels. The agency also raised its 2017 demand growth forecast in its previous monthly report and declared it expected demand to be further expanded next year. Despite the strong demand, markets remain well-supplied thanks to strong output. Brent rose by almost 0.4% to close at $52.10 a barrel, while WTI price rose by around 0.5% to end at $48.82 a barrel.
read more... 14/08/2017
Daily (10.08.2017): European spot electricity prices rose sharply on Wednesday
Oil prices increased above $52 a barrel on Wednesday as U.S. crude inventories last week fell more than expected. This drop raised hopes that an OPEC-led effort to wipe out a 3-year, price-sapping supply glut is working. Brent surged by 1.07% to close at $52.70 a barrel, while WTI price rose by almost 0.8% to end at $49.56 a barrel.
read more... 10/08/2017
Daily (09.08.2017): Oil prices were bearish on Tuesday due to higher oil exports
Oil prices were bearish on Tuesday on increasing exports from United States, Libya and Nigeria. A recent recovery in Libya's oil output, and higher production in Nigeria, have complicated OPEC's efforts to curb supply. The U.S. EIA petroleum status report will be published on Wednesday, giving details on stockpiles and refinery runs that are expected to decline. Brent crude decreased by 0.44% to close at $52.14 a barrel, while WTI price fell by 0.45% to end at $49.17 a barrel.
read more... 09/08/2017