Energy Market Report – Oil

  • Market Comments December

    Monday 3rd December 2018 - Oil was up over 4% this morning as the US and China agree to a 90-day truce in their trade war ahead of the OPEC meeting this week which is expected to result in a supply cut. Brent crude oil was up $2.66 per barrel at $62.12 a barrel

    Tuesday 4th December 2018 - Oil prices advance by a further 1% amid expected OPEC-let cuts and mandated reduction in Canadian output. OPEC meeting on the 6th December in Vienna Brent crude rose to 62.39 this morning.

    Wednesday 5th December 2018 - Oil fell on Wednesday as a swelling supply glut and signs of economic slowdown weighed on crude prices a day ahead of the OPEC meeting. Brent crude oil futures LCOcl were at $61.16 per barrel ay 7:57am.

    Thursday 6th December 2018 - Thursday’s oil prices dropped as stock markets slid and as traders eyed an OPEC meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October. International Brent crude oil futures LCOc1 were at $61.35 per barrel at 0747 GMT, down 21 cents, or 0.3 percent from their last close. U.S West Texas Intermediate (WTI) crude futures CLc1 were at $53.17 per barrel, down 28 cents, or 0.5 percent.

    Friday 7th December 2018 - Oil prices dropped on Friday as OPEC discussed a potential exemption from cutting output for Iran and as the producer club sought to get heavyweight supplier Russia on board. International Brent crude oil futures LCOcl fell below $60 per barrel, trading at $59.53 per barrel at 0750 GMT, down 53 cents, or 0.9 percent from their last close. U.S West Texas Intermediate (WTI) crude futures CLcl were at $51.05 per barrel, down 44 cents, or 0.9 percent.

    Monday 10th December 2018 - Monday’s oil prices were on the rise after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January. Despite this, the price outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.03 per barrel at 0748 GMT, up 36 cents, or 0.6 percent, from their last close. U.S West Texas Intermediate (WTI) crude futures were weaker, however, dropping 10 cents from their last settlement to $52.51 per barrel, weighed down by surging U.S output as the blooming American oil industry is not taking part in the announced cuts.

    Tuesday 11th December 2018 - Oil prices were under pressure on Tuesday among uncertainties over global stock markets and doubts that planned output cuts led by producer club OPEC will be enough to rein in oversupply. International Brent crude oil futures LCOcl were at $60 per barrel at 0746 GMT, up 3 cents from their last close. U.S West Texas Intermediate (WTI) crude futures CLcl were at $50.98 per barrel, down 2 cents.

    Wednesday 12th December 2018 - Wednesday’s oil prices rose by 1 percent among a stock market rebound on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance. International Brent crude oil futures LCOcl were at $60.84 per barrel at 0742 GMT, up 64 cents, or 1.1 percent, from their last close. U.S West Texas Intermediate (WTI) crude futures CLcl were at $52.06 per barrel, up 41 cents, or 0.8 percent.

    Thursday 13th December 2018 - Oil prices increased on Thursday, sustained by a drawdown in U.S crude stockpiles and indications that the trade war between the United States and China, the world’s two largest economies and the top two oil consumers, is easing. International Brent crude oil futures LCOcl were at $60.36 per barrel at 0733 GMT, up 21 cents, or 0.4 percent, from their last close.

    Friday 14th December 2018 - Oil prices dropped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world’s biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers. Benchmark Brent crude LCOcl was down 40 cents at $61.05 per barrel by 0820 GMT, on course for a decline this week of around 1 percent. U.S light crude CLcl was 25 cents lower at $52.33.

    Monday 17th December 2018 - Oil prices were steady on Monday after falling 2 percent in the previous session, but remained under pressure among weaker growth in major economies and concerns about oversupply. Brent crude oil futures LCOcl were at $60.31 per barrel at 0722 GMT, up 3 cents, or 0.05 percent, from their last close. U.S West Texas Intermediate (WTI) crude futures CLcl were at $51.27 per barrel, up 7 cents, or 0.14 percent.

    Tuesday 18th December 2018 - Oil prices dropped more than $1 on Tuesday, falling for a third session as reports of growing inventory and forecasts of record shale output in the United States stoked worries about oversupply. International benchmark Brent crude oil futures LCOcl were at $58.78 per barrel at 0722 GMT, down 83 cents, or 1.39 percent, from their last close. U.S West Texas Intermediate (WTI) crude futures CLcl were down 87 cents, or 1.74 percent, at $49.01 per barrel.

    Wednesday 19th December 2018 - Oil prices showed signs of steadying, but crude was still under pressure from worries about oversupply and a slowing global economy that had driven sharp losses in the last three sessions. West Texas Intermediate futures (WTI) CLcl had climbed 7 cents, or 0.15 percent, to $46.31 per barrel by 0722 GMT, after plunging 7.3 percent the day before in a session when it touched its lowest since August 2017. Global benchmark Brent crude futures LCOc1 rose 0.36 percent, or 20 cents, to $56.46 per barrel.

    Thursday 20th December 2018 - Oil prices dropped on Thursday to erase most of their increases from the day before, resuming declines seen earlier in the week among worries about oversupply and the outlook for the global economy. The front-month U.S crude contract CLcl had dropped $1, or 2.08 percent, to $47.17 per barrel by 0742 GMT, offsetting gains of 96 cents chalked up on Wednesday. International benchmark Brent crude LCOcl futures were down $1, or 1.75 percent, at $56.24 per barrel, after climbing almost 2 percent the session before.

    Friday 21st December 2018 - Friday’s oil prices were on the rise, claiming back ground from a tumble of 5 percent in the previous session, on signs that OPEC’s output cuts that start next month will be deeper than expected. Benchmark Brent crude LCOcl futures were up 41 cents, or 0.75 percent, at $54.76 per barrel at 0836 GMT, after dropping $2.89 in the previous session. U.S West Texas Intermediate (WTI) crude futures CLcl rose 45 cents, or 1 percent, to $46.34 per barrel. WTI is on course to decline about 9.5 percent for the week.

    Monday 24th December 2018 - Oil prices moved up on Monday after evidence that a recent drop to 15-month lows may be affecting output in the United States, the world’s largest producer, although concern about the outlook for demand tempered increases. Brent crude futures LCOcl were up 12 cents at $53.94 a barrel by 0858 GMT, while U.S crude futures CLcl lost 3 cents to $45.56.

    Thursday 27th December 2018 - Oil prices dropped on Thursday after recovering 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market rally offered support. Brent crude oil fell $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.30 by 1010 GMT. U.S light crude oil dropped $1.30 to $44.92 and was last 90 cents lower at $45.32.

    Friday 28th December 2018 - Oil prices bounced back on Friday, clawing back some of the ground lost this week, but remained close to their lowest levels in more than a year as rising U.S inventories and concern over global economic growth kept markets under pressure. Brent crude oil LCOcl was up $1.20 or 2.3 percent, at $53.36 a barrel by 0830 GMT, having earlier risen more than 3 percent. It had dropped 4.2 percent on Thursday.

    Monday 31st December 2018 - World share and commodity prices rose on Monday as suggestions of progress on the Sino-U.S trade standoff provided a rare glimmer of optimism in what has been a punishing end of year for markets globally. The crude benchmark LCOcl was last up 98 cents at $54.20 a barrel but down 20 percent for the year. U.S crude futures CLcl nudged up 62 cents to $45.95.

  • Market Comments January

    Wednesday 2nd January 2019 - Oil markets fell by around 1 percent in 2019’s first trading on Wednesday, pulled down by surging U.S output and concerns about an economic slowdown in 2019 as factory activity in China, the world’s biggest oil importer, contracted. International Brent crude futures LCOcl were at $53.19 per barrel at 0544 GMT, down 61 cents, or 1.1 percent, from their final close of 2018. West Texas Intermediate (WTI) futures CLcl were at $44.95 per barrel, down 47 cents, or 1 percent.

    Thursday 3rd January 2019 - Oil prices dropped by 1 to 2 percent on Thursday among volatile currency and stock markets, and on concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging. U.S West Texas Intermediate (WTI) crude oil futures CLcl dropped by 1.8 percent, or 82 cents, from their last settlement to $45.72 by 0739 GMT. International Brent crude futures LCOcl were down 1 percent, or 53 cents, at $54.38 a barrel.

    Friday 4th January 2019 - Friday’s oil prices were on the rise by more than 1 percent, shaking off earlier losses, after China said it would hold talks with the U.S government on Jan. Brent crude futures LCOc1 were at $56.60 per barrel at 0741 GMT, up 65 cents, or 1.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $47.61 per barrel, up 52 cents, or 1.1 percent.

    Monday 7th January 2019 - Oil prices were on the rise by more than 1.5 percent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures LCOcl were at $58.04 per barrel at 0751 GMT, up 98 cents, or 1.7 percent, from their last close. U.S West Texas Intermediate (WTI) crude oil futures CLcl were at $48.85 per barrel, up 89 cents, or 1.9 percent.

    Tuesday 8th January 2019 - Oil prices were steady on Tuesday, maintained by hopes that talks in Beijing between U.S. and Chinese officials might defuse trade disputes between the world’s biggest economies, while OPEC-led supply cuts also tightened markets. International Brent crude futures LCOc1 were at $57.42 per barrel at 0742 GMT, up 9 cents, or 0.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.56 per barrel, up 4 cents, or 0.1 percent.

    Wednesday 9th January 2019 - Oil prices were on the rise by around 1 percent on Wednesday, extending increases from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.42 per barrel at 0752 GMT, up 64 cents, or 1.3 percent, from their last settlement. International Brent crude futures LCOc1 were up 69 cents, or 1.2 percent, at $59.41 per barrel.

    Thursday 10th January 2019 - Oil prices dropped by about 1 percent on Thursday on swelling U.S. supply and among a cautious reaction to trade talks between the United States and China, the world’s two largest oil consumers, that finished without concrete details to ending their dispute. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $51.80 per barrel at 0432 GMT, down 56 cents, or 1.1 percent, from their last settlement. International Brent crude futures LCOc1 were down 0.9 percent, or 57 cents, at $60.87 per barrel.

    Friday 11th January 2019 - Oil prices were on track for weekly increases on Friday, despite this, markets were held in check by expectations of an economic slowdown in 2019. International Brent crude futures LCOc1 were at $61.62 per barrel at 0749 GMT, down 6 cents, or 0.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 4 cents above their last settlement, at $52.63 per barrel.

    Monday 14th January 2019 - Oil prices dropped by 1 percent on Monday, with Brent crude sliding below $60 per barrel, after Chinese data showed weakening imports and exports in the world’s biggest trading nation and second-largest crude oil consumer. International Brent crude oil futures LCOc1 were at $59.88 per barrel at 0816 GMT, down 60 cents, or 1 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 59 cents, or 1.1 percent, at $51 a barrel.

    Tuesday 15th January 2019 - Oil prices were on the rise by around 1 percent on Tuesday among supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand. International Brent crude oil futures LCOc1 were at $59.62 per barrel at 0740 GMT, up 63 cents, or 1.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.14 per barrel, up 63 cents, or 1.3 percent.

    Wednesday 16th January 2019 - Oil prices were firm on Wednesday after rising about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown. Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close. West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel.

    Thursday 17th January 2019 - Oil prices dropped on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.92 per barrel at 0752 GMT, down 39 cents, or 0.8 percent, from their last settlement. International Brent crude oil futures LCOc1 were down 37 cents, or 0.6 percent, at $60.95 per barrel.

    Friday 18th January 2019 - Oil prices were on the rise on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month. International Brent crude oil futures LCOc1 were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0753 GMT. Brent has risen about 2 percent this week, its third straight week of gains. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.65 per barrel, up 58 cents, or 1.11 percent, from their last settlement.

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Oil