Live oil prices

Алан-э-Дейл       13.05.2023 г.

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Обновлено 24.08.2021 14:42

Live Heating Oil prices

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Commodity Pair: Price Last Daily Change Day Low Day High Updated
HEO AUD 2.90134 0.00000 +2.9 +INF% 0.00000 0.00000 13:22:29
HEO CAD 2.66827 0.00000 +2.67 +INF% 0.00000 0.00000 13:22:29
HEO CHF 1.93127 0.00000 +1.93 +INF% 0.00000 0.00000 13:22:29
HEO CNY 13.63065 0.00000 +13.63 +INF% 0.00000 0.00000 13:22:29
HEO CZK 45.72778 0.00000 +45.73 +INF% 0.00000 0.00000 13:22:29
HEO EUR 1.78875 0.00000 +1.79 +INF% 0.00000 0.00000 13:22:29
HEO GBP 1.53269 0.00000 +1.53 +INF% 0.00000 0.00000 13:22:29
HEO HKD 16.39015 0.00000 +16.39 +INF% 0.00000 0.00000 13:22:29
HEO ILS 6.80039 0.00000 +6.8 +INF% 0.00000 0.00000 13:22:29
HEO JPY 231.81426 0.00000 +231.81 +INF% 0.00000 0.00000 13:22:29
HEO MXN 42.87746 0.00000 +42.88 +INF% 0.00000 0.00000 13:22:29
HEO NOK 18.52496 0.00000 +18.52 +INF% 0.00000 0.00000 13:22:29
HEO NZD 3.02738 0.00000 +3.03 +INF% 0.00000 0.00000 13:22:29
HEO PLN 8.19157 0.00000 +8.19 +INF% 0.00000 0.00000 13:22:29
HEO SEK 18.30657 0.00000 +18.31 +INF% 0.00000 0.00000 13:22:29
HEO SGD 2.84212 0.00000 +2.84 +INF% 0.00000 0.00000 13:22:29
HEO TRY 17.67823 0.00000 +17.68 +INF% 0.00000 0.00000 13:22:29
HEO USD 2.10395 2.07945 +0.02 +1.18% 2.07085 2.10580 13:22:29
HEO ZAR 31.35030 0.00000 +31.35 +INF% 0.00000 0.00000 13:22:29

Who Visits OilPrice.com?

OilPrice.com’s rapidly expanding and influential audience consists of investors, fund managers, resource bankers, traders, energy market professionals and high net worth individuals from all around the world but mainly North America, Canada, UK and Australia.

  • Oil and gas industry executives from large multi-nationals to smaller independents
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  • High net worth individuals primarily from U.S., Canada and Europe

Could Oil Really Reach $200 per Barrel?

Although it seems ludicrous now, there are situations that could put oil prices at $200/b. The EIA forecast Brent oil prices of $185/b in 2050 if the cost to produce oil drops and it crowds out competing energy sources, but economic conditions could drive the price even higher.

In July 2008, oil prices reached a record high of around $133/b. They dropped to around $40/b in December before rising to $123/b in April 2011. The Organization for Economic Cooperation and Development (OECD) previously forecasted that the price of Brent oil could go as high as $270/b. It based its prediction on skyrocketing demand from China and other emerging markets.

Oil prices at $200/b could change consumer consumption. Using oil as an energy source has caused climate change.

Carbon taxes have been dismissed as a way to stop climate change. Critics say they would raise oil prices too high, imposing a regressive tax on the poor.

The OECD said that high oil prices result in «demand destruction.» If high prices last long enough, people change their buying habits. Demand destruction occurred after the 1979 oil shock. Oil prices steadily deteriorated for years. They finally collapsed after continued demand decline, when supply caught up.

The idea of oil at $200/b seems catastrophic to the American way of life, but people in Europe were paying high prices for years due to high taxes. As long as people have time to adjust, they will find ways to live with higher oil prices.

Tap Into The Most In-Depth And InteractiveOil & Energy Ecosystem On The Web

The energy sector is a complex beast.

Billions of dollars trade hands on a daily basis, with deals being made every second across the world…

And expert traders and market makers see stacks of cash as a result.

But most people don’t even know where to start.

It’s almost impossible to stay on top of the news.

And even more difficult to make a profit…

Especially when you have to sift through a sea of misinformation.

The problem is that most media outlets are either too late or too unreliable to provide the intel you need…

That is…if you want to stay ahead of the pack.

Of course… major media outlets like CNBC, Fox, and Bloomberg cover energy news…

But they just have too much on their plates.

If you want to stay ahead in this business…

You need timely intelligence, accurate data, and reliable sources.

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26.08.2021
         92+   95   95+      98+      100+   ДТ   ДТ+   Пропан   Метан  АЗС Источник
1      45.59       49.99   51.19                   49.49              Газпромнефть — сайт компании
2      45.59       49.99   51.19                   49.49              Газпромнефть — д. Хомяково, А108, внутренняя сторона сайт компании
3      45.59       49.79   51.19                   49.49              Газпромнефть — п. Мамонтово, ул. Горького, 5 сайт компании
4      45.59       49.79                       49.49              Опти — А103, слева сайт компании
23.08.2021
         92+   95   95+      98+      100+   ДТ   ДТ+   Пропан   Метан  АЗС Источник
1      45.59       49.79   51.19                   49.49       35.99      Газпромнефть — г. Павловский Посад, Ленинградский пер. сайт компании
21.08.2021
         92+   95   95+      98+      100+   ДТ   ДТ+   Пропан   Метан  АЗС Источник
1      45.59       49.79   51.19                   49.49              Газпромнефть — г. Ногинск, ул. 3-го Интернационала, 236А сайт компании
2      45.59       49.79   51.19                   49.49              Газпромнефть — д. Черново сайт компании
3      45.59       49.79   51.19                   49.49              Газпромнефть — г. Ногинск, ул. Индустриальная, 36 сайт компании
4      45.59       49.79   51.19                   49.49              Газпромнефть — г. Черноголовка, ул. Центральная, 25, А103 сайт компании

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Conclusion: Is Oil a Good Investment?

When a product becomes scarcer, the price will rise because the demand will continue for a while. The earth will soon be exhausted, and there will be no more oil; therefore, oil is a good investment. It is not that investing in oil makes you rich in the short term, like the stock market and other assets can, but oil certainly has its positive aspects. If, in these uncertain times, you are now looking for investments that will certainly increase in value in the future and an asset that is easily accessible to individuals, then investing in petroleum is probably something for you.

Oil is an attractive investment, even if the market price fluctuates a lot, but the investment often becomes favorable in the long term. Oil is a limited commodity, and its price appears to have stabilized at some price point. The oil price is likely to increase significantly in the future due to the lack of solutions to these shortages in the near future. Until oil replacement is found, economies worldwide will remain dependent on oil.

Month

Open

Low-High

Close

Mo,%

Total,%

2020

Dec

47.29

46.82-54.94

54.13

14.5%

14.5%

2021

Jan

54.13

54.13-57.73

56.88

5.1%

20.3%

Feb

56.88

56.88-61.32

60.41

6.2%

27.7%

Mar

60.41

55.81-60.41

56.66

-6.2%

19.8%

Apr

56.66

52.35-56.66

53.15

-6.2%

12.4%

May

53.15

53.15-57.22

56.37

6.1%

19.2%

Jun

56.37

56.37-58.81

57.94

2.8%

22.5%

Jul

57.94

57.94-62.45

61.53

6.2%

30.1%

Aug

61.53

61.53-66.32

65.34

6.2%

38.2%

Sep

65.34

65.34-69.17

68.15

4.3%

44.1%

Oct

68.15

62.96-68.15

63.92

-6.2%

35.2%

Nov

63.92

59.06-63.92

59.96

-6.2%

26.8%

Dec

59.96

55.40-59.96

56.24

-6.2%

18.9%

Make sure to create a free demo account on LiteForex! LiteForex is a useful platform for both novice and expert traders. You will be up to date on interesting updates about crude oil as an investment asset, and the user-friendly interface will come in handy if you decide to trade crude oil or any other commodity.If you look at the price changes of oil for a while now, you will start to see a pattern, and as an investor, you can respond smartly to this. In this way, the investor can significantly boost his investment amount with the profits from oil. If you want to invest in oil, it is a good investment to get in when the oil price is at a certain bottom. If you step in right now, investing in oil is a solid and profitable investment for the future. Of course, there is no guarantee that oil prices will ever rise as much as in the past, but a regular rise can mean a lot to the investor. Oil is a limited resource and is probably the most precious material in the world. Investing in this commodity is one way to improve your overall investment portfolio. 

Oil price forecast FAQ

Will oil prices go back up?

Since the major drop in March of 2020, the oil price has been going up and stabilizing in the months thereafter. 

Where are oil prices going?

Fluctuations notwithstanding, many experts forecast that crude oil prices will steadily grow in the long-term. This mostly has to do with oil becoming more and more scarce a commodity, and it’s becoming more difficult to extract crude oil.

Will oil prices go down?

The price of crude oil fluctuates on a daily basis. Its price can see a major drop due to various factors, including too much production, lack of storage, geopolitical conflicts, the value of the US dollar, etc. 

What is the prediction for oil prices?

Most oil price predictions assume a positive outlook in the long-run. As the global economy slowly returns to (albeit new) normal, oil prices should also be stable, if not super-high.  

Will the oil price recover?

Since the major drop in March of 2020, the oil price has been going up and stabilizing in the months thereafter. 

Why has the oil price dropped in 2020?

A global economic conflict resulted in a total drop of oil price in March of 2020. Saudi Arabia initiated a price war with Russia, “helping” a 65% quarterly fall in the oil price. In the first few weeks of March, US oil prices fell by 34%, while crude oil fell by 26%, and Brent oil fell by 24%.

What is the current oil price?

The world oil price for today is US dollars. Take a look at the online oil price chart to see current changes.

Price chart of USCrude in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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Oil Price Forecast 2025 – 2050*

The EIA predicted that, by 2025, Brent crude oil’s nominal price would rise to $79/b. By 2030, world demand may drive Brent prices to $98/b. By 2040, prices are projected to be $146/b, because the cheap oil sources will then have been exhausted, making it more costly to extract the black gold. By 2050, oil prices are projected to be $214/b, according to the EIA’s Annual Energy Outlook. The EIA assumes that petroleum demand will flatten when the focus is more on natural gas and renewable energy. It also predicts economic growth of around 2% annually, while assuming and energy consumption decrease by 0.4% a year.  

Although it seems ludicrous now, some situations could put oil prices as high as $200 a barrel. The EIA forecast Brent oil prices of $214/b in 2050 if the cost to produce oil drops and crowds out competing energy sources.

In July 2008, oil prices reached a record high of around $133/b. Then they dropped to about $40/b in December before rising to $123/b in April 2011. The Organization for Economic Cooperation and Development (OECD) previously forecasted that Brent might go as high as $270/b. The OECD based its prediction on skyrocketing demand from China and other emerging markets.

*Important reminder: remember that long-term price forecasts for any investment asset are very approximate and may change due to various factors. Read on to find out which factors may affect the price of crude oil.

Oil weekly price forecast as of 16.08.2021

According to the previous forecast, the oil price broke out the Target Zone 68.49 – 67.88 and consolidated above. After the support at 65.45 was reached, the sell trades were exited, and the price rebounded up. Next, the resistance zone 69.96 — 69.18 was tested, and large traders entered new sales in the zone.

This week, the oil price should go down, and the target will be to break through the low of last week and reach Target Zone 2, 62.98 – 62.43.

The key resistance of the medium-term downtrend is in the Target Zone 71.02 — 70.47.

USCrude Trading ideas for the week:

Hold down sell trades entered in the zone of 69.96 — 69.18. TakeProfit: 65.45, Target Zone 2, 62.98 — 62.43. StopLoss: 71.33.

Technical analysis based on margin zones methodology was provided by an independent analyst Alex Rodionov.

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Oil rig count increases

Following some consolidation in the industry, U.S. energy firms added the most oil rigs in a week since April 2020 last week at 397, up from 172 a year ago. The combined oil and gas rig count reached 500, more than double its level a year ago. That increased supply may help ease gasoline prices once output reaches refineries and the summer driving season ends.

Wider confidence in stronger oil prices seems to be fading among investment banks.

Goldman Sachs cut its estimate for the global oil deficit to 1 million barrels per day from 2.3 million bpd in the short term, citing an expected decline in demand in August and September. However, it suggested demand should hold up later in the year due to ongoing vaccination rates keeping the US economy on track. Meanwhile, confidence in Asian growth is not so strong.

The sense is global crude oil prices are going through a short-term down cycle which may last only one quarter before confidence recovers and, with it, prices.

With OPEC managing to retain fairly tight control on output and demand recovering close to pre-pandemic levels, it would take a significant escalation of global infection rates and widespread application of lockdowns to precede a prolonged fall in oil prices.

The market remains in deficit. OPEC will be keen to keep it there.

A rising U.S. rig count is unlikely to turn that around anytime soon. So, today’s oil price softening may last no more than a few months before we see prices back about $70 again.

By AG Metal Miner

More Top Reads From Oilprice.com:

  • U.S. Rig Count Rises To 16-Month High
  • Where Does Wall Street Think Oil Is Heading?
  • U.S. Natural Gas Dominance May Be Coming To An End

Live Brent Oil prices

MOBILE TIP: Drag the table left and right for full view!

Commodity Pair: Price Last Daily Change Day Low Day High Updated
BRT AUD 99.87382 0.00000 +99.87 +INF% 0.00000 0.00000 13:22:29
BRT CAD 91.85083 0.00000 +91.85 +INF% 0.00000 0.00000 13:22:29
BRT CHF 66.48072 0.00000 +66.48 +INF% 0.00000 0.00000 13:22:29
BRT CNY 469.21261 0.00000 +469.21 +INF% 0.00000 0.00000 13:22:29
BRT CZK 1574.10306 0.00000 +1574.1 +INF% 0.00000 0.00000 13:22:29
BRT EUR 61.57489 0.00000 +61.57 +INF% 0.00000 0.00000 13:22:29
BRT GBP 52.76021 0.00000 +52.76 +INF% 0.00000 0.00000 13:22:29
BRT HKD 564.20379 0.00000 +564.2 +INF% 0.00000 0.00000 13:22:29
BRT ILS 234.09209 0.00000 +234.09 +INF% 0.00000 0.00000 13:22:29
BRT JPY 7979.82271 0.00000 +7979.82 +INF% 0.00000 0.00000 13:22:29
BRT MXN 1475.98565 0.00000 +1475.99 +INF% 0.00000 0.00000 13:22:29
BRT NOK 637.69126 0.00000 +637.69 +INF% 0.00000 0.00000 13:22:29
BRT NZD 104.21238 0.00000 +104.21 +INF% 0.00000 0.00000 13:22:29
BRT PLN 281.98131 0.00000 +281.98 +INF% 0.00000 0.00000 13:22:29
BRT SEK 630.17355 0.00000 +630.17 +INF% 0.00000 0.00000 13:22:29
BRT SGD 97.83531 0.00000 +97.84 +INF% 0.00000 0.00000 13:22:29
BRT TRY 608.54382 0.00000 +608.54 +INF% 0.00000 0.00000 13:22:29
BRT USD 72.42500 71.45000 +0.97 +1.36% 71.14000 72.49500 13:22:29
BRT ZAR 1079.18211 0.00000 +1079.18 +INF% 0.00000 0.00000 13:22:29

Will OPEC rebalance the market?

Clearly, most oil producers – oil exporting countries and oil producing private companies – want higher oil.

The US shale industry, which can turn production on and off much more quickly than longer-cycle projects, has established more control over the oil market globally over the past decade. Part of the calculus behind Russia and Saudi Arabia going their separate ways is a longer-term strategy to push out higher-cost producers. This includes US shale, which has less than stellar economics and often involves lots of borrowing to get projects online.

Many shale producers will need to declare bankruptcy. Many already have or are going to shortly. The US may also deem some of these projects to be strategic assets. The current US administration wants the country to not be dependent on foreign sources of energy, at least on a net basis. Widespread bankruptcies of key oil producers could undermine this objective.

If OPEC were to want to boost prices with cuts, it depends on two things:

(i) When do they cut?

(ii) How much do they cut?

Another important factor lies in the cost of production in the US and among other producers? It’s gone down pretty dramatically since 2014.

The cost of finding and development (F&D) was about $30 per barrel in 2015-16 and was $12 per barrel in 2018-19. If you isolate that variable econometrically, that tends to put WTI crude oil’s fair value in the mid-to-high $40s.

In terms of corporate cost structures, if you’re thinking of putting your money in companies with ~$60 per barrel breakeven prices, that’s probably not a good bet. It’s unlikely that companies, at least those that have a focus on upstream operations, can sustain themselves if they need $60 oil. (The average “oil services” company revenue mix is 60 percent upstream, 25 percent LNG/midstream, 5 percent downstream, and 10 percent other.)

If you want to get into natural gas, you will see a material number of bankruptcies if prices stay sub-1.90/sub-2.00 per MMBTU. It’s not just 2020 prices, but prices in the 2021 curve on out have gone this low as well.

Factors That May Affect the Price of Crude Oil

We know that oil is an indispensable raw material in the world and that it is used both as raw material and fuel to make plastics, pharmaceuticals, and many other products. Hence, the demand for oil remains strong, and these industries’ health will determine most of the world’s oil demand. If demand from these industries increases while production stagnates, it will lead to higher prices for this commodity. Of course, and vice versa, if these industries are in a recession, their oil demand will be lower, so demand will decline. If production remains stable or increases in this case, it will logically lead to a drop in the price of a crude oil barrel.

As you will have understood, it is mainly by analyzing the difference between supply and demand that you will determine how the price or price of crude oil will evolve.

It should also be noted that this analysis is slightly more complex today than it used to be. Until a few years ago, it was pretty easy to understand how these prices would behave. At the time, the US was the largest consumer of crude oil. On the other hand, OPEC was the main supplier to the market in terms of production. But over time and the years, this situation has become more complex and slightly more confusing. One explanation for this phenomenon is that oil drilling technologies have improved greatly and resulted in better supply. Besides, we have seen the emergence of alternative solutions for this production. Finally, new players have also joined, including China, a major oil consumer in the world.

Below we have listed factors that change the supply or demand for oil and thus contribute to the evolution of this commodity’s price and price.

  1. Production data in barrels per day from OPEC countries. Too much production generally leads to lower oil prices per barrel and vice versa. US crude oil inventories data is published weekly, which also affects WTI. 

  2. Supply, which is published weekly on the economic calendar. Big supply also contributes to falling prices, while little supply leads to higher prices.

  3. The international geopolitical situation. Conflicts affecting the oil-producing and exporting countries often influence the development of the price per barrel.

  4. The value of the US dollar on the currency market. As a barrel of oil is denominated in dollars, this currency will be weaker, and more oil purchases will be stimulated by holders of other currencies.

A Recent History of Oil

At the end of April 2020 (due to the Saudi and Russia conflict — more on that later), the oil price crashed, and the May WTI future even dipped below $0. The stock markets recovered strongly during the summer, and the oil price had also found its way up again. In August, the oil price rose well above $ 40 a barrel. With that price, the largest oil companies got some air also, but it is still far from enough for most to make a profit.

At the beginning of September, the oil price had suddenly fallen hard again. Simultaneously, with the mini-crash with the US stock markets, a crude oil barrel’s worth dropped by about 15% to below $37 a barrel. This brought the oil price back below $40 a barrel for the first time since July. The drop is partly because Saudi Arabia had lowered its sales prices for October and the fear that the number of COVID-19 infections will increase rapidly in several countries.

The rebound in the number of infections could thwart the global economic recovery and decrease fuel demand. With several refineries lowering tariffs again, it seems they want to prevent oil stocks from rising back to record levels. The oil price was able to recover so strongly in recent months, thanks to the OPEC + countries’ agreements regarding the reduction in production. However, due to the crisis, many countries are looking for additional income sources. Therefore, some countries are not fully complying with the agreements made. As a result, more oil flows into the market, which also has a depressing effect on oil prices. 

March 9th, 2020: 30% Oil Price Crash

Monday, March 9th, can go into the history books as «Black Monday» for the oil price. Negotiations between Saudi Arabia and Russia had come to nothing. 

The oil price was under pressure in previous months due to the spread of the coronavirus. The world economy was on the back burner, and as a result, the oil demand had declined considerably. By limiting oil production, the countries that are part of the oil cartel hoped to stabilize or increase the price themselves. Saudi Arabia, in particular, is strongly in favor of limiting oil production.

Saudi Arabia was now trying to force Russia in another way to join the OPEC plan. The Saudi’s were going to increase production considerably and flood the market with oil. As a result, the price of a crude oil barrel had opened more than 30% lower, the lowest price since 2016. A low oil price is disastrous for most countries. Most OPEC countries are almost entirely dependent on oil revenues. 

America’s shale farmers may be hit hardest. The shale revolution seems to be built more and more on quicksand, as costs remain high and the new resources that are found have a much shorter lifespan. Even with an oil price of around $60 a barrel, many of these producers were already struggling. The unrest surrounding the coronavirus also makes it difficult to raise external capital. With Saudi Arabia pushing the oil price further down, the situation seems to be untenable for many producers. Players with a fragile balance and relatively high costs are unlikely to make it. What Saudi Arabia failed to achieve in 2016 now seemed to have a good chance of success.

April 21st, 2020: WTI Goes Below Zero

In April 2020, we saw a situation in the oil markets that has never occurred before. The West Texas Intermediate Crude Oil (WTI) futures contract for May fell more than 100%. The price fell during the day and took an unprecedented dive later in the evening to $ -37.63/barrel, meaning that oil producers would indeed have to pay buyers to collect the oil.

This is mainly because the storage capacity in Cushing, Oklahoma is full. And it is precisely there that this oil is delivered. Traders and large companies who were long yesterday but ran out of storage capacity or liquidity to purchase oil were forced to close futures before expiry. 

Oil Brands

When talking about the commodity oil traded on the financial markets, we can distinguish two types. The most popular, and also the most traded, is the American oil called WTI. The other popular variant is Brent.

West Texas Intermediate (WTI)

Light sweet crude oil (WTI) is widely used in US refineries and an important benchmark for oil prices. WTI is a light oil with a high API density and low sulfur content. This determines the density of the oil in relation to water. WTI oil is widely traded between oil companies and investors. Most trading is done through futures through CME Group. The Light Sweet Crude Oil (CL) future is one of the most traded futures worldwide.

Most of the oil of this type is stored in Cushing, an important hub for Oklahoma’s oil industry. Here are large storage tanks connected to pipelines that transport the oil to all United States regions. WTI is an important feedstock for refineries in the Midwestern United States and on the coast of the Gulf of Mexico.

Brent Crude Oil

Brent oil is an important benchmark for petroleum rate, especially in Europe, Africa, and the Middle East. Its name is derived from the Brent oil field in the North Sea. This Royal Dutch Shell oil field was once one of Britain’s most productive oil fields, but most of the platforms there have since been decommissioned. 

The correlation between these two futures’ price development is high, and we have seen several times in recent years that Brent’s price was more than $10 higher than usual. At the end of 2020, the difference was approximately $3. Such differences are caused, among other things, by supply and demand, including the costs for shipping or storing oil.

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