Oil & Fuel update – 18th December
After seven consecutive weeks of decline, both crude benchmarks experienced modest gains last week. The positive movement followed the Federal Reserve meeting, where indications were given that there would be no further interest rate
hikes in the coming year.
Oil & Fuel update – 11th December
The RAC is still warning that consumers of Diesel are being ripped off, with forecourt margins still not reflecting the falls in wholesale prices.
Oil & Fuel update – 5th December
As of Monday morning, Brent Crude was priced at $77.74 per barrel. Differing opinions exist regarding the potential trajectory of oil prices post the OPEC+ meeting.
Oil & Fuel update – 27th November
The markets are looking to see whether Saudi will extend its 1 million barrel a day output to the end of 2023 and the impact this may have on prices as we move into 2024.
Oil & Fuel update – 20th November
Following seven months of double digit inflation, the UK has reduced the CPI to 4.6% in October, meaning further interest rate hikes are now less likely.
Oil & Fuel update – 13th November
Iran has warned that an escalation of tensions between Israel and Hamas is inevitable. This week may witness the unfolding of the Middle East conflict, with many anticipating an intensification of Israeli operations in Gaza City. Heightened activities from Lebanon and Iran could potentially trigger a surge in oil prices, offering limited security.
Oil & Fuel update – 6th November
Top oil exporters Saudi Arabia and Russia reaffirmed their commitment to additional voluntary oil supply cuts until the end of the year, with Saudi Arabia cutting 1 million barrels per day (bpd) and Russia cutting 500,000 bpd.
Oil & Fuel update – 30th October
Last week saw major whipsaws in the price of Oil as investors weighed a deteriorating economic climate with risk premium from the Israel-Hamas conflict.
Oil & Fuel update – 23rd October
As markets opened on Monday morning, Brent Crude was trading at $91.81 per barrel. This is in stark contrast to earlier forecasts, which had predicted a Q4 2023 price of $85 per barrel, as suggested by banks like JP Morgan earlier this year.
Oil & Fuel update – 16th October
Crude oil prices surged on Monday, opening with a significant gap and closing the session 4.35% higher, marking the most substantial single-day gain since early April.