Energy Market Report – Oil

  • Market Comments January

    Thursday 2nd January 2020 - Oil prices rose to begin the new year on Thursday buoyed by signs of improving trade relations between the United States and China which eased demand concerns and rising tensions in the Middle East. Brent crude futures rose 25 cents to $66.25 a barrel by 0958 GMT

    Friday 3rd January 2020 - Oil prices rose over $2 a barrel and gold and other safe-haven assets jumped on Friday, as the U.S. killing of a top Iranian commander in an air strike in Iraq ratcheted up tensions between the two powers. Traders were clearly spooked. The death of Iranian Major-General Qassem Soleimani, head of the elite Quds Force, prompted Iranian Supreme Leader Ayatollah Ali Khamenei to vow revenge. Europe's stock markets fell 0.5% in early trading as hopes for a lengthy New Year rally vanished. Safe havens gained, with Japan's yen JPY= rising half a percent to the dollar to a two-month high and the Swiss franc hitting its highest against the euro since September. EURCHF=[/FRX]. The Middle East-focused oil markets saw the most dramatic moves. Brent crude futures jumped nearly $3 to $69.16 a barrel — also the highest since September

    Monday 6th January 2020 - Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after the killing of a top Iranian general. Brent crude futures LCOc1 soared to a high of $70.74 a barrel and was at $70.03 at 0747 GMT, up $1.43, or 2.1%, from Friday’s settlement.

  • Market Commentary February

    Monday 3rd February 2020 - Brent crude prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in China, the world’s largest oil importer, following a coronavirus outbreak there. There are signs fuel demand has plunged in China as airlines have canceled flights to halt the spread of the coronavirus and as provinces delay the reopening of factories after the Lunar New Year holiday. Supply chains across the world’s second-largest economy and crude consumer have been disrupted, prompting its biggest refiner Sinopec to cut output by about 12% this month. Brent crude was at $56.44 a barrel by 0750 GMT, down 18 cents, or 0.3%, Prices dropped by as much as 2.1% to $55.42, the lowest since Jan. 4, 2019.

    Tuesday 4th February 2020 - Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak. Brent crude stood at $55.02 a barrel by 0930 GMT

    Wednesday 5th February 2020 - Oil prices rose this morning, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus. Brent crude oil futures LCOc1 were up 31 cents, or 0.6%, to $54.27 a barrel by 0734 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 21 cents or 0.4% to $49.82 a barrel. Both prices earlier rose more than 1%

    Thursday 6th February 2020 - Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer. Brent futures rose by 77 cents, or 1.4%, to $56.05 a barrel by 0735 GMT.

    Friday 7th February 2020 - Oil prices edged higher on Friday after Russia said it would support a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the coronavirus epidemic. Brent crude LCOc1 futures rose 10 cents, or 0.2%, to $55.03 a barrel by 0732 GMT

    Monday 10th February 2020 - Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets. Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies. Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since Jan. 2, 2019, before recovering to $54.32 by 0804 GMT.

    Tuesday 11th February 2020- Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China. Brent crude LCOc1 rose 70 cents, or 1.3%, to $53.97 a barrel by 0428 GMT,

    Wednesday 12th February 2020 - Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic. Brent crude LCOc1 was up $1.12, or 2.1%, at $55.13 per barrel at 0748 GMT. U.S. West Texas Intermediate (WTI) CLc1 rose 74 cents, or 1.5%, to $50.68 a barrel.

    Thursday 13th February 2020 - Oil prices fell on Thursday after OPEC and IEA reports cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world’s biggest oil importer. Brent crude LCOc1 lost 65 cents to $55.14 a barrel by 0930 GMT

    Friday 14th February 2020 - Oil prices edged up Friday and held on track for their first weekly gain since early January, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic. Brent crude LCOc1 was up 6 cents or 0.1% at $56.40 a barrel by 0911 GMT.

    Monday 17th February 2020 - Oil prices were little changed on Monday as concerns of falling fuel demand caused by the economic fallout from the coronavirus outbreak in China were offset by expectations that output cuts from major producers will tighten crude supply. Brent crude LCOc1 was at $57.27 a barrel, down 5 cents by 0754 GMT after rising 5.2% last week, the biggest weekly gain since September 2019

    Tuesday 18th February 2020 - Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market. Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is being contained. Brent crude LCOc1 was down $1.02 at $56.65 a barrel by 1100 GMT

    Wednesday 19th February 2020 - Oil prices rose on Wednesday, with Brent gaining a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. Brent crude LCOc1 was up by 51 cents, or 0.9%, at $58.26 a barrel by 0732 GMT

    Thursday 20th February 2020 - Oil prices climbed on Thursday, extending gains from the previous session, as the market shifted focus to supply disruptions, while demand concerns eased following a drop in new coronavirus cases at the epicentre of the outbreak. onflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft (ROSN.MM) could cut more Venezuelan crude from the market, rekindling global oil supply worries. Brent crude futures LCOc1 were up 14 cents, or 0.2%, to $59.26 a barrel by 0745 GMT.

    Friday 21st February 2020 - Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market. Brent crude LCOc1 was down 64 cents, or 1.1%, at $58.67 a barrel by 0703 GMT

    Monday 24th February 2020 - Oil prices tumbled by 3% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand. Global shares also extended losses as concerns about the impact of the new virus grew, with the number of infections jumping in Iran, Italy and South Korea. Brent crude was down $1.78, or 3%, to $56.72 a barrel by 0755 GMT,.

    Tuesday 25th February 2020 - Oil climbed on Tuesday as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the coronavirus spreading out of China and curbing major economies and fuel demand capped gains. Brent crude rose 49 cents, or 0.9% to $56.79 a barrel by 0751 GMT.

    Wednesday 26th February 2020 - Crude oil prices gave up early gains and slid for a fourth day on Wednesday as fears of a coronavirus pandemic deepened as the outbreak spread in several countries outside China. Brent crude fell 31 cents, or 0.6%, to $54.64 a barrel by 0753 GMT

    Thursday 27th February 2020 - Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand. Brent crude LCOc1 was down 60 cents, or 1.1%, at $52.83 a barrel at 0741 GMT.

    Friday 28th February 2020 - Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global demand. Investors are increasingly worried as the virus has spread beyond its epicentre in China to more than 40 other countries. The most active Brent crude contract for May LCOc2 was down $1.42, or 2.8%, at $50.31 a barrel by 0745 GMT

  • Market Comments March

    Monday 2nd March 2020 - Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak. Brent crude LCOc1 was at $51.91 a barrel, up $2.24 or 4.5%, by 0812 GMT.

    Tuesday 3rd March 2020 - Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week. Brent crude LCOc1 rose 56 cents per barrel, or 1.1%, to $52.46 per barrel by 0756 GMT.

    Wednesday 4th March 2020 - Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude LCOc1 was up by 30 cents, or 0.6%, at $52.16 a barrel at 0954 GMT.

    Thursday 5th March 2020 - Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world’s biggest oil consumer. Brent crude LCOc1 rose by 46 cents, or 0.9%, to $51.58 per barrel by 0734 GMT,

    Friday 6th March 2020 - Oil slid 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Brent crude LCOc1 fell 49 cents, or 0.98%, to $49.50 per barrel by 0735 GMT.

    Monday 9th March 2020 - Monday 9th March 2020 - Losing more than a quarter of their value, oil prices were set on Monday for their biggest daily rout since the first Gulf War, after Saudi Arabia cut its official prices in a market already reeling from the impact of the coronavirus on global demand. Saudi Arabia slashed its official selling prices and made plans to ramp up crude output next month after Russia balked at making a further steep output cut proposed by the Organisation of Petroleum Exporting Countries to stabilise oil markets. Brent crude futures were down $11.38, or 25%, at $33.89 a barrel by 0732 GMT.

    Tuesday 10th March 2020 - Oil prices jumped by 5% on Tuesday after the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus, although early gains were pared on demand concerns over the global spread of the coronavirus. President Donald Trump on Monday said he will be taking “major” steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak, while Japan’s government plans to spend more than $4 billion in a second package of steps to cope with fallout from the virus. Brent crude futures LCOc1 rose by $1.76, or 5.1%, to $36.12 a barrel by 0738 GMT.

    Wednesday 11th March 2020 - Oil prices fell on Wednesday, giving up earlier gains, after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day. Brent crude LCOc1 slid $0.41, or 1.1%, to $36.81 a barrel by 0740 GMT.

    Thursday 12th March 2020 - Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization’s decision to declare the coronavirus outbreak a pandemic. London’s stock market fell past 2016 Brexit referendum lows on Thursday as a shock U.S. ban on European travellers sent shares in already hard-pressed British Airways and other airlines down by almost another 10%. Brent crude LCOc1 was trading down $1.65, at $34.14 by around 0718 GMT, a little above earlier lows.

    Friday 13th March 2020 - Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite rising over 3% on Friday, as investors fretted over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers. Brent crude LCOc1 was up $1.12, or 3.4%, at $34.33 a barrel by 0728 GMT

    Monday 16th March 2020 - U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus. Brent crude LCOc1 was down $2.48, or 7.3%, to $31.37 a barrel by 0906 GMT.

    Tuesday 17th March 2020 - Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market. Brent crude LCOc1 was up by 3%, or 89 cents, to $30.94 a barrel by 0746 GMT.

    Wednesday 18th March 2020 - Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus pandemic. Brent crude LCOc1 was trading down 37 cents, or 1.29%, at $28.36 a barrel by 0650 GMT.

    Thursday 19th March 2020 - Oil prices rose nearly 10% on Thursday after a three-day selloff drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia. Benchmark Brent, which has lost half its value in less than two weeks, was offered some respite as investors across financial markets assessed the impact of massive central bank stimulus. Brent crude LCOc1 jumped $2.29, or 9.2%, at $27.16 a barrel by 0831 GMT

    Friday 20th March 2020 - Oil prices rose by more than $2 on Friday, building on gains in the previous session after U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia. Prices were also supported by U.S. plans to buy up to 30 million barrels of crude oil for its emergency stockpile by the end of June and reports that regulators in its largest oil-producing state Texas might curtail output. Brent crude futures LCOc1 were up $1.90, or 6.7%, to $30.37 per barrel.

    Monday 23rd March 2020 - Oil prices fell on Monday as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contraction. Brent crude LCOc1 futures fell $1.09, or 4%, to $25.89 a barrel by 0209 GMT.

    Tuesday 24th March 2020 - Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package. The Fed on Monday rolled out an array of programs including backing for the first time corporate bond purchases. U.S. Treasury Secretary Steven Mnuchin voiced confidence that a deal on the aid package would be reached soon. “This is giving significant buoyancy to oil prices, at least in the short term,” said Eugen Weinberg, analyst at Commerzbank. “It is highly questionable whether the good mood will continue on the oil market, however.” Brent crude LCOc1 was up by $1.38 a barrel, or 5.1%, to $28.41 by 1007 GMT.

    Wednesday 25th March 2020 - Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets as the United States is expected to approve a massive aid package to stem the economic impact of the coronavirus pandemic. Brent crude LCOc1 was trading up 65 cents, or 2.4%, at $27.80 a barrel.

    Thursday 26th March 2020 - Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion (1.69 trillion pounds) emergency stimulus will bolster economic activity. Brent crude LCOc1 futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT.

    Friday 27th March 2020 - Oil prices were mixed on Friday as governments took unprecedented steps to limit the economic fallout from the coronavirus pandemic. A new OPEC deal to balance oil markets might be possible if other countries join in. Brent crude was down 34 cents, to $26 a barrel by 0726 GMT. U.S. crude was up 8 cents, or 0.4%, at $22.68.

    Monday 30th March 2020 - Crude oil benchmarks fell sharply on Monday, with Brent hitting its lowest since November 2002, as fears grew over the coronavirus pandemic eroding demand and the Saudi Arabia-Russia price war threatened to overload the market. Brent futures LCOc1 were down 5.8%, to $23.48 a barrel as of 0623 GMT, after earlier dropping to $23.03, the lowest since November 2002.

    Tuesday 31st March 2020 - Oil recovered ground today after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilise energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude LCOc1 was up by 1.9%, at $23.19 a barrel by 0406 GMT, after closing on Monday at $22.76, its lowest finish since November 2002. U.S. crude Clc1 was up by $1.16, or 5.8%, at $21.26 a barrel, after settling in the earlier session at $20.09, lowest since February 2002.

  • Market Comments April

    Wednesday 1st April 2020 - Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears. Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March. As of 0643 GMT, Brent crude LCOc1 was $23.33 a barrel. U.S. West Texas Intermediate crude Clc1 was down 35 cents, or 1.7%, at $20.13 a barrel, after giving up an earlier gain which analysts said was driven by position building at the start of a the new quarter.

    Thursday 2nd April - Crude oil futures jumped 10% today after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets. Brent crude futures rose 11.36%, to $27.55 as of 0701 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased 10.0% or $2.03, at $22.34.

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