The latest leg higher in prices was triggered by Monday’s decision of the central bankers of the oil market to increase output levels by 400,000 bpd in November, as previously agreed, and not by more as requested and even demanded by some consuming nations. It was this development that propelled oil prices to levels not [...]
Oil continued to build on its OPEC-induced gains yesterday. Brent crude hit $83/bbl for the first time in three years as OPEC and its allies resisted pressure to speed up their crude production. The broader energy complex also made further headway into positive territory and included most notably surging gas prices. European and UK gas [...]
The numbers say it all. WTI and Heating Oil reached their highest level since 2014. Brent and Gasoil have scaled peaks not seen for three years. The market is full of confidence. The question is whether this optimism is justified or not. After all, yesterday’s rally, which took the price of Brent $2/bbl higher, came [...]
At the beginning of the previous quarter, we expressed an optimistic view on the global economy and on oil prices. The recovery was expected to continue due to the wide-spread roll-out of inoculation programmes and the massive monetary and fiscal stimuli that provided invaluable support to almost every segment of the society and the economy. [...]
Volatility levels spiked as the energy complex bid farewell to September. The daily price range on the December Brent contract and front-month WTI contract ballooned to a whopping $3/bbl yesterday. Yet by the close, both crude markers ended the session little changed. The underwhelming finish came amid a flurry of negative price drivers. First and [...]
The two major crude oil futures contracts lost values yesterday and time spreads also weakened prior to today’s Brent expiry, nonetheless, it was a spirited performance led by the CME products that was greeted with a sigh of relief after Tuesday’s bruising session. The recovery from the day’s lows was encouraging. Not even a quite [...]
Some say that the journey is more important than the destination and so it was with Brent’s ascent above $80/bbl. The European crude benchmark topped this psychologically important threshold yesterday for the first time in three years. Yet this milestone moment proved to be somewhat anticlimactic. No sooner had it scrambled past $80/bbl than a [...]
Natural gas and LNG rally, lifting the state of emergency in Japan, fuel shortage in the UK and fears of struggling output growth. Is it the recipe for a sustained run above $80/bbl basis Brent? The market certainly thinks so. Inflation, tapering, dollar concerns and stuttering economic growth have all been swept under the carpet [...]
Brent edged closer to the psychologically important $80/bbl threshold on Friday as it settled near a three-year high of $78.09/bbl. In doing so it capped a third successive weekly gain. Price support came courtesy of US supply tightness as disruptions in the Gulf of Mexico spurred inventory draws. The European crude benchmark was also buoyed [...]
Another day, another positive showing for the oil market. Both crude markers initially slipped into the red on Thursday before pushing higher to score a third straight daily advance. Brent finished above $77/bbl for the first time since early July. Underpinning the latest bout of price strength is a tightening supply backdrop, and nowhere more [...]
