EnergyScan

Oil market news

ES-oil
July 4, 2022

OPEC produced less crude in June

On Friday oil benchmarks ended the week on a gain: ICE Brent front month climbed by 2.4%, to settle at $111.64/b while NYMEX WTI traded 2.5% higher and closed at $108.43/b. This was a low-volume day, ahead of a 3-days weekend in the US. This bullish market came as traders…
ES-oil
July 1, 2022

Oil price declined, back to last week level

At the end of a volatile day, oil closed lower. ICE Brent for September delivery (the new front month) settled at $109.03/b, that is a 3.0% loss. And, NYMEX WTI moved -3.7% to $105.76/b. OPEC+ ambassadors decided to raise output quota by 648kb/d in August, in line with expectations. This was the…
ES-oil
June 30, 2022

After two weeks, EIA is back and drives prices lower

On Wednesday, oil benchmarks slid, ICE Brent for September delivery closed on a 1.2% loss at $112.45/b and WTI front month settled 1.8% lower to $109.78/b. During the first half of the day, oil gained ground (WTI traded at +2.0% ) but when the Energy Information Administration published its report for two…
ES-oil
June 29, 2022

Oil continued to climb

Yesterday oil benchmarks went up: ICE Brent traded 2.5% higher at $117.58/b. While, NYMEX WTI price moved up by 2.0% to $111.76/b. A bullish factor was the final communiqué of the G7 meeting, in which leaders decided to work on a plan to cap the price of oil exported by Russia.…
ES-oil
June 28, 2022

G7 summit push prices higher

Oil prices moved up yesterday : ICE Brent settled at $115.09/b making a 1.7% gain. And NYMEX WTI front month closed at $109.57/b, that is 1.8% higher. Prices jumped on the G7 summit at Elmau, where country leaders are talking about new sanctions against Russia. Russian oil industry is in…
ES-oil
June 27, 2022

G7 leaders talk about Russian Oil

On Friday oil benchmarks moved up. ICE Brent gained 2.8% to settle at $113.12/b, while NYMEX WTI front month went 3.2% higher and closed at $107.62/b. This move can be seen as a rebound, after the recent decline of oil prices due to the macroeconomic outlook. Indeed, the market is tight with…
ES-oil
June 24, 2022

Oil price continued to drop

On Thursday, oil prices were down. ICE Brent front month moved 1.5% lower to settle at $110.05/b and NYMEX WTI went 1.8% down to settle at $104.27/b. Yesterday was a choppy trading session, oil market did not have a clear trend and moved up and down, between $102.32/b and $/b107.05…
ES-oil
June 23, 2022

Rates continue to drag oil price

Oil prices slid on Wednesday. ICE Brent front month price went -2.5% down to settle at $111.74/b. And, NYMEX WTI closed at $106.19/b making a -3.2% decline. Again, it is the risk of an economic slowdown in the coming months (due to the monetary tightening in developed countries and the…
ES-oil
June 22, 2022

Oil stable yesterday, falls this morning

Yesterday, oil continued to climb back, NYMEX WTI contract for August delivery (now the front month), that did not trade on Monday, gained +1.4% to settle at $109.52/b. And ICE Brent front month moved 0.5% up to end the session at $114.65/b. Last week price drop, caused by the decision…
ES-oil
June 21, 2022

Oil rebounded and volumes were low

On Monday, ICE Brent front month price went 0.9% up, closing at $114.13/b. Due to a public holiday in the US, there was no settlement on NYMEX WTI. After the high volatility seen last week, the market is back to an undecided state. Fears related to the economic outlook represents a bearish factor…
ES-oil
June 20, 2022

Oil prices fell heavily on Friday

Oil slumped on Friday: ICE Brent front month dove by 5.6%, to settle at $113.12/b and NYMEX WTI plunged by 6.8% to reach its lowest closing price since May 12, at $109.56/b. The sell-off was not driven by a new event, but is rather the result of the degradation of the…
ES-oil
June 17, 2022

Russia and Iran erased previous losses

Yesterday was a choppy session for oil, at the end prices went up: ICE Brent front month moved +1.1% higher to $119.81/b and WTI NYMEX for July delivery traded +2.0% higher at $117.58/b. During the session, the lowest trading level for Brent was $115.56/b (-3.3%), it reflects the concerns following…
ES-oil
June 16, 2022

Oil fell on short term outlook

Yesterday, oil prices closed in red territories: ICE Brent front month closed at $118.51/b, making a 2.2% loss while NYMEX WTI for July delivery went 3.0% down to settle at $115.31/b. The US Fed decision to hike rate by 75bp (see this news) fueled fear for economic growth and thus oil…
ES-oil
May 24, 2022

Bullish and bearish forces compensated, oil was stable

Oil started the week stable: on ICE, Brent front month price went 0.7% up to $113.42/b. On NYMEX, WTI for July delivery was stable: settling $0.01 higher at $110.29/b. Lingering worries about the state of the economy in the coming months, with a risk of recession that would reduce oil demand,…
ES-oil
May 20, 2022

Oil follows equities markets

Oil prices climbed on Thursday, in a volatile trading session. On ICE, Brent for July delivery settled 2.7% higher to $112.04/b, the contract traded between $105.70/b and $112.31/b. On NYMEX, WTI front month made a 2.4% gain to stand at $112.21/b. At start, oil market was dragged lower as stocks continued…
ES-oil
May 19, 2022

Oil fell in the wake of equity market

Oil prices went down on Wednesday: ICE Brent for July delivery dropped by 2.5%, to settle at $109.11/b and NYMEX WTI for June delivery also decreased by 2.5% to $109.59/b. The increasing fears about economic growth and inflation knocked oil price down from a six-week high following the tumbling equity markets (see…
ES-oil
May 18, 2022

Powell’s comments drive price lower

Oil prices fell yesterday: ICE Brent for July delivery closed at $111.93/b, making a -2% loss, while NYMEX WTI first nearby prices settled at $112.40/b, down -1.6%. For the first time since May 2020, NYMEX WTI prices traded higher than ICE Brent prices. The market moved down at the end…
ES-oil
May 17, 2022

The end of the lockdown in Shanghai drives prices higher

Oil benchmarks started the week on a gain. ICE Brent climbed +2.4% to $114.24/b while NYMEX WTI front month price increased by 3.4% to settle at $114.20/b. The lockdown in China and the weak economic indicators released yesterday dragged oil, as the economic activity in the country seems more and more…
ES-oil
May 13, 2022

Oil stable as market receives mixed signals

Oil trade sideways on Tuesday: NYMEX WTI front month went +0.4% up to end the trading session at $106.13/b. ICE Brent front month closed stable, losing $0.06/b to $107.45/b. The trading session summarized the recent mixed prices moves. The gloomy economic situation (made of inflation, hawkish policy at the Fed and…
ES-oil
May 12, 2022

War in Ukraine triggers a rebound

Oil made a strong rebound on Wednesday: ICE Brent front month climbed by +4.9% to $107.51/b while NYMEX WTI front month gained +6.0% to settle at $105.71/b. Oil market was driven by the tensions related to the war in Ukraine. First as a major pipeline flowing gas from Russia to Europe…
ES-oil
May 11, 2022

Oil price fall on growth concerns and Hungarian veto

Oil benchmarks continued to drop on Tuesday: ICE Brent front month went -3.3% lower to settle at $102.46/b and  NYMEX WTI front month ended the trading session at $99.76/b, -3.2% lower. Concerns on the state of the economy are growing with Chinese’s lockdowns, the comments of the Fed to further increase…
ES-oil
May 10, 2022

Oil drops on global sell-off

Oil benchmarks slumped yesterday: ICE Brent front month lost -5.7% and ended the day at $105.94/b and NYMEX WTI front month closed -6.1% lower at $103.09/b. European diplomats scrapped the idea to ban European companies to ship Russian oil, as partners (in particular Greece, Malta and Cyprus) were opposed to…
ES-oil
May 9, 2022

G7 countries to halt import of Russian oil

Oil benchmarks climbed on Friday : NYMEX WTI front month posted at 1.4% gain to end the week at $109.77/b and ICE Brent front month ended the week 1.3% higher at $112.39/b. Last week, NYMEX WTI climbed by 5.5% and ICE Brent by 5.7%. On Friday, market was pushed up by…
ES-oil
May 6, 2022

European embargo drives the market higher

Oil benchmarks went modestly up yesterday. Front-month July ICE Brent futures settled +0.7% higher at $110.90/b and NYMEX WTI gained +0.4% to reach $108.26/b. The incoming embargo on Russian oil pushed the market up. Meanwhile, members of the European Union are working on a timeline to phase-out Russian oil that would…
ES-oil
May 5, 2022

The European Commission presents the embargo on Russian oil

Oil rallied on Wednesday: Brent futures traded on ICE edged +4.9% higher to $110.14/b and WTI futures traded on NYMEX gained +5.3% to settle at $107.81/b. The bullish market was fueled by the presentation by the European Commission of its plan to ban the import of oil from Russia in six…
ES-oil
May 4, 2022

Chinese prospects drive the market down

Oil prices slid on Tuesday, ICE Brent lost 2.4% to end at $104.97/b. NYMEX WTI went 2.6% down to settle at $102.41/b. Market participants continue to monitor the situation in China, where authorities could impose new restrictions to slow Covid-19 spreading but also the economic activity as a collateral damage. Lockdowns…
ES-oil
May 3, 2022

Another day of reversing market

Oil prices went up yesterday: on NYMEX, WTI front month gained less than 0.1%, ending at $105.17/b. On ICE, Brent price was +0.4% up to settle at $107.58/b. Market reversed at the end of the day, as Brent fell as low as $103.10/b during the session. The main concern was…
ES-oil
May 2, 2022

Another day with an undecided market

Friday was a volatile session, with oil prices reverting at the end of the day: NYMEX front month WTI went down by 0.01% to end the week at $104.69/b and the second-month ICE Brent contract settled at $107.14/b or $0.12 lower. At first, the market continued to climb on Thursday’s comment…
ES-oil
April 29, 2022

Germany moves closer to ban Russian oil

Oil prices rallied on Thursday. The ICE Brent front-month end the day at $107.59/b a 2.1% increase and NYMEX WTI front-month closed 3.3% higher at $105.36/b. The move was triggered by the comment of the German Economy Minister who said that Germany, a country that was reliant on oil deliveries from…
ES-oil
April 28, 2022

Oil stable as news moves the market up and down

Oil benchmarks were mixed yesterday, they started moving up, the Brent reached $106.35/b, then the market made a U-turn and Brent touched $103.27/b to end the day at $105.32/b gaining less than 0.01%. NYMEX WTI front month followed a similar path to close stable at $102.2/b. At first it was…
ES-oil
April 27, 2022

Chinese Central Bank reverse the oil price downward trend

Oil benchmarks bounced back yesterday: at market close, ICE Brent Front month settled at $104.99/b climbing by +2.6% while the NYMEX WTI closed +3.2% higher at $101.70/b. Monday prices drop was driven by the prospect of an economic slowdown in China due to zero-Covid strategy with stringent lockdowns, Tuesday turn…
ES-oil
April 26, 2022

Covid wave in China triggered oil prices drop

Oil prices plunged yesterday, before recovering somewhat, in line with the US stock market: the ICE Brent front month fell to $99.5/b, before rebounding to $102.32/b at the end of the day (-4.1%). It is trading around $103/b this morning. The NYMEX WTI front month fell by 3.5% to end the…
ES-oil
April 25, 2022

Oil is down but risks of supply short are stronger

Brent 1st-nearby declined on Friday, by 1.6% to $106.65/b while the NYMEX WTI went 1.7% down to end the week at $102.07/b. Prices are further down this morning, the Brent now trading below $103/b, mainly due to renewed worries about the pandemic in China (see the Daily Eco). Oil benchmarks…
ES-oil
April 22, 2022

Will the shock come from supply or demand?

On Thursday, crude oil prices increased, by 1.6% to reach $ 103.79/b for the front month WTI and by 1.4% to close at $108.33/b for the Brent. Traders are still mixed between risks of supply shocks from one side with Libya unable to produce 500 kb a day, the potential ban on…
ES-oil
April 21, 2022

Oil is stable, market is waiting

Crude oil prices were sideways on Wednesday. Brent first nearby prices decreased by 0.4% to close at $106.70/b while WTI prics did not move to settle at $102.75/b at the end of the session. Volatility was low, WTI prices traded in a tight band of $100.70 – $104.16 as traders did not…
ES-oil
April 20, 2022

Demand concerns drag crude prices down

Crude oil prices slumped on Tuesday, pressured by the downward revision in the IMF global growth forecast (see macro comment) which fueled concerns over energy demand prospects in the short-term. Benchmark contracts traded once again in a large range, showing that uncertainty over the supply/demand outlook remains high and fuels volatility. Brent…
ES-oil
April 19, 2022

Libyan oil disruption push crude prices further high

Brent first nearby prices moved further north of the $110/b mark and recorded a fourth consecutive session in positive territory with an intraday high at $114.84/b on Easter Monday, supported by a drop in Libyan oil production and expectations of a progressive loosening of Covid restrictions in Shanghai. Indeed, Libya’s National Oil Corp…
ES-oil
April 15, 2022

Crude prices spike on reports the EU plans to ban Russian oil

Crude oil prices jumped late in the afternoon on Thursday, pushed by reports from the New York Times that the EU is drafting a ban on Russian oil products. The measure should not be assessed into details before the second round of the French presidential election planned on April 24…
ES-oil
April 14, 2022

Bulls keep control of crude oil prices

Crude oil prices continue to strengthen with Brent first nearby prices trading as high as $109/b yesterday, buoyed by expectations of an easing monetary policy in China (see macro comment) and latest monthly reports from international agencies pointing to a sharp downturn of Russian crude oil production due to the impact of Western sanctions. …
ES-oil
April 11, 2022

Worsening Covid spread in China to weigh on crude prices

Brent first nearby prices opened Monday’s trading session in negative territory just above the $100/b mark, pressured by a rising number of Covid cases in the Shanghai area with no clarity on when restrictions will be lifted. The massive crude stock releases from strategic reserves announced since the beginning of the month continue to…
ES-oil
April 8, 2022

Bears keep control of crude prices

Brent first nearby prices are hovering above the $100/b mark this morning after touching an intraday low at $98.41b yesterday. They remain pressured by the massive 240 Mb stock release from strategic reserves announced over the past few days and mounting concerns over China’s oil demand. Indeed, China’s oil consumption…
ES-oil
April 7, 2022

Additional IEA stock release weighs on crude oil prices

Crude oil prices posted significant losses on Wednesday as the IEA announced an additional 60 Mb release from strategic stocks of its members, on top of the 180 Mb release from US SPR announced last week by the US President Biden. Brent 1st nearby prices dropped to an intraday low at $100.54/b. In…
ES-oil
April 6, 2022

Mixed picture for crude prices

After a strong start, Brent prices turned slightly negative on Tuesday afternoon and touched an intraday low at $104.53/b, pressured by a stronger USD following Lael Brainard’s statement (see Macro comment) and renewed concerns over the impact on China’s crude oil demand of an extended COVID lockdown in Shanghai (confirmed…
ES-oil
April 5, 2022

Crude prices up on expectations of new EU sanctions against Russia

Brent prices built some risk premium on Monday with the first nearby contract trading just below the $110/b mark this morning, mainly supported by prospect of tougher sanctions against Russia for alleged atrocities during its war in Ukraine. French President Macron notably called for a ban on Russian coal and oil…
ES-oil
April 4, 2022

The price of Brent crude oil has stabilised at around $105/b

There has been very little change in oil prices since their sharp decline following the announcement of the use of US strategic reserves. The price of Brent 1st-nearby has for the moment stabilised in a fairly narrow range, between $104 and $106/b. US allies in the IEA have confirmed that they…
ES-oil
April 1, 2022

Sharp decline in crude oil prices

As we reported yesterday morning, the Biden Administration has announced that it will draw on its strategic reserves in a colossal way, as nearly 1mb/d of oil will be put on the market for about 6 months, or a total of 180mb. President Biden said he hoped that allied countries could…
ES-oil
March 31, 2022

US to tap into strategic reserves

In less than 2 hours yesterday, the price of Brent 1st-nearby first approached $115/b before plunging towards $104/b. It has since recovered to around $113/b.  Fears of the consequences of the restrictive measures taken in Shanghai to curb the pandemic and hopes for peace in Ukraine on a rather shaky basis at the moment (see Daily…
ES-oil
March 30, 2022

Extreme price volatility

In less than 2 hours yesterday, the price of Brent 1st-nearby first approached $115/b before plunging towards $104/b. It has since recovered to around $113/b.  Fears of the consequences of the restrictive measures taken in Shanghai to curb the pandemic and hopes for peace in Ukraine on a rather shaky basis at the moment (see Daily…
ES-oil
March 29, 2022

Sharp drop in prices due to fears of falling demand in China

Anti-Covid measures in China, particularly in Shanghai, have led to a sharp fall in oil prices, with Brent 1st-nearby falling from $120/b at the end of last week to below $110/b last night. It has since stabilised at around $111-112/b. The resumption of negotiations between Russia and Ukraine is also contributing to…

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