Oil & Fuel update – 7 August
Oil continued its bullish trajectory last week with both Brent Crude Oil and West Texas Intermediary recording their sixth consecutive weekly gains. Brent crude opened on Monday 7th August at $86.1 per barrel, with WTI opening at $82.6 per barrel.
Metals Update – 7 August
At the start of August, the steel markets experienced a subdued atmosphere. Chinese rebar and hot rolled coil futures remained stagnant on Tuesday, patiently anticipating new catalysts to drive movement.
Oil & Fuel update – 31 July
Crude oil prices saw another weekly rise last week despite The Federal Reserve announcing another interest rate hike.
Metals Update – 31 July
At the end of last week, various nonferrous metals saw positive price action. Copper, in particular, was set to experience a weekly gain.
Oil & Fuel update – 24 July
Oil prices rose nearly 2% on Friday to record a fourth consecutive weekly gain, buoyed by growing evidence of supply shortages in the coming months and rising tensions between Russia and Ukraine that could further hit supplies. Brent crude futures rose 1.8%, to settle at $81.07 a barrel, with a weekly gain of about 1.2%. U.S. WTI crude ended 1.9%, higher at $77.07 a barrel, its highest since April 25.
Metals Update – 24 July
Copper prices in London experienced a slight increase on Tuesday due to the weakness of the dollar, making dollar-priced metals more affordable to holders of other currencies. However, the sentiment was weighed down by disappointing Chinese economic data.
Oil & Fuel update – 17 July
Since June 28th of this year, the Brent Crude Market has seen a consistent increase in price per barrel for oil, increasing 8.4% in this time frame from circa $72/barrel to around $78 a barrel, whilst breaking the $80 mark late last week for the first time since May of this year.
Metals Update – 17 July
Last week, the Non-Ferrous Market experienced major bullish sentiment on the back of a very optimistic drop in US inflation numbers. Aluminium and zinc prices are set to achieve their most significant weekly gain since January this year, driven by a resultant weaker dollar that has made metals priced in USD more affordable for holders of European Currencies. The most notable movement in currency rates was that of GBPUSD, which saw highs of 1.31 in late trading last week.
Metals Update – 10 July
Copper prices experienced a slight decline on Tuesday as the dollar strengthened, and weak economic data from China, indicated a pessimistic demand outlook. The three-month copper price on the London Metal Exchange (LME) decreased by 0.6% to $8,355.20 per metric ton, while the most-traded August copper contract on the Shanghai Futures Exchange (SHFE) rose marginally by 0.2.1% to $9,426.20 per metric ton.
Oil & Fuel update – 10 July
The Brent Crude market witnessed a week of mixed activity, with prices fluctuating between highs of $78/barrel and lows of $74/barrel. West Texas Intermediate (WTI) also experienced a 3.2% increase, reaching $72/barrel.