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Daily (25.11.2020): Oil futures surged to 9-month high on Monday amid strong optimism on coronavirus vaccine, transition to Biden presidency
Crude oil futures climbed to fresh multi-month highs on Tuesday as optimism arising from potential coronavirus vaccines overshadows inventory build-up in the US. The beginning of transition of power in the White House added further support to WTI. Hence, Brent crude surged by $1.80, or 3.9%, to close at $47.86 per barrel. Meanwhile, U.S.WTI crude soared by $1.85, or 4.3%, to finish at $44.91 per barrel. Both contracts reached their highest settlements since March, even returning to levels before the outbreak of the coronavirus pandemic.
read more... 25/11/2020
Daily (17.11.2020): EUAs hit a six-week high on Monday amid news of second vaccine
Crude oil prices surged on Monday after Moderna’s report on the progress in its Covid-19 vaccine boosted the whole energy complex, with investors reacting to the prospect of life returning to pre-pandemic levels. Hence, Brent crude soared by $1.04, or 2.4%, to settle at $43.82 per barrel. At the same time, U.S. WTI crude climbed by $1.21, or 3%, to end at $41.34 per barrel.
read more... 17/11/2020
Daily (13.11.2020): Energy markets bearish again on Thursday on pandemic concerns
Oil prices fell on Thursday, on continued concerns over global demand. Consequently, Brent crude edged 0.6% lower at $43.53 a barrel, while WTI oil settled 0.8%, or 13 cents, down at $41.12 a barrel.
read more... 13/11/2020
Daily (27.10.2020): Brent and WTI crude settled at 3-week lows on Monday amid surging coronavirus cases worldwide
Crude oil futures fell on Monday in response to surging coronavirus cases in the US and Europe, where several countries have already implemented new restrictions, raising concerns about the impact of the pandemic on oil demand. Extra pressure on oil prices comes from increasing Libyan crude oil production and exports after the country recently lifted the force majeure. Hence, Brent crude shed by $1.31, or 3.1%, to settle at $40.46 a barrel. U.S. WTI crude dropped by $1.29, or 3.2%, to close at $38.56 a barrel. Both, WTI and Brent crude marked their lowest settlements since Oct. 2.
read more... 27/10/2020
Daily (23.10.2020): British front-month gas prices hit fresh 2020 highs on Thursday amid unplanned Norwegian outages
Crude oil futures climbed on Thursday amid hopes for a new coronavirus aid package and a drop in U.S. weekly jobless claims. Prices also found support after Russian President Vladimir Putin said that he would be ready to extend oil output cuts in the face of the Covid-19 pandemic. Hence, Brent crude for December delivery soared by 73 cents, or 1.8%, to settle at $42.46 a barrel. Meanwhile, WTI crude gained 61 cents, or 1.5%, to end at $40.64 a barrel.
read more... 23/10/2020