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.

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