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Oil products caught between Covid and green push
Most forecasts for products demand and prices have been steadily revised upwards as vaccination programmes have got underway and this has created positive market sentiment, Argus' global head of oil products Stephen Jones told the forum held today during the IP Week conference. But, any actual demand recovery will depend on how quickly governments lift lockdown measures. One major unknown is how well the vaccines will deal with new variants of Covid-19.
read more... 24/02/2021
Daily (26.01.2021): British gas prices tumbled on Monday amid milder weather, weaker energy complex in Europe
Crude oil prices increased on Monday to hit their highest level in a week, with investors weighing the impact of supply curbs from Iraq and Libya on the near-term outlook against coronavirus lockdowns. Iraq is pledging to curb output in January and February after pumping more than its OPEC+ quota last year, while Libyan guards halted some crude exports after a pay dispute. Hence, Brent crude rose by 47 cents, or 0.9%, to settle at $55.88 a barrel. Meanwhile, U.S. WTI crude added 50 cents, or 1%, to end at $52.77 per barrel.
read more... 26/01/2021
Daily (12.01.2020): British gas prices continued to soar on Monday despite weakness among other energy commodities
Crude oil futures ended little changed on Monday as continuing concerns about demand being hit hard by lockdown measures and a stronger U.S. dollar overshadowed other optimistic prospects. Hence, Brent crude lost 33 cents, or 0.6%, to settle at $55.66 per barrel. Meanwhile, U.S. WTI crude steadied at $52.25 per barrel.
read more... 12/01/2021
Daily (09.12.2020): Oil prices ended rather steady on Tuesday as surging COVID-19 cases dampened other positive news
Crude oil futures posted little changes on Tuesday as the potential for expanded lockdown measures countered news about the beginning of vaccination programs across Western economies this week and EIA’s forecast of higher oil prices in 2021. Hence, Brent crude added 0.1% to end rather flat at $48.84 a barrel. Meanwhile, WTI crude settled at $45.60 a barrel, posting a 0.4% loss day-on-day.
read more... 09/12/2020
Daily (24.11.2020): Oil prices hit multi-month highs on Monday as the vaccine race intensifies
Crude oil futures hit multi-month highs on Monday as hopes of a new coronavirus vaccine 70% effective in late-stage trials unveiled by European drug maker AstraZeneca offset concerns about the surging number of infections and lockdown measures. Hence, Brent crude for January delivery soared by 2.5% to settle at $46.06 a barrel. Meanwhile, U.S. WTI crude rose by 1.5% to close at $43.06 a barrel.
read more... 24/11/2020