EnergyScan

Brent crude oil hits $94/b

The price of Brent 1st-nearby touched $94/b overnight. Saudi Arabia’s price hike for March for its Asian, US and European customers sends a confidence signal to the market that demand is robust. In addition, Vitol believes that China’s low crude stocks can be expected to rebuild now that the holiday season is over. 

We often focus on the tightness in the diesel market, but gasoline is not immune: in the US, pump prices ($3,423/gallon) have just exceeded their November level, when the Biden administration made an emergency decision to release some of its strategic reserves to increase supply. Refiners’ margins on gasoline are at a two-year high in Asia as well. The US may be tempted to accelerate Iran’s return to the market. It granted some exemptions last week to sanctions on Iran. Nuclear talks resume tomorrow in Vienna.

Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-oil
August 27, 2021

Hurricane rally

Crude prices jumped, with Brent October contract reaching 72 $/b, as the Ida hurricane threat became clearer. Ida is expected to reach oil infrastructures by…
ES-gas
September 1, 2021

Prices continued their rally

European gas prices rose again yesterday, still supported by relatively weak stock levels and uncertainty over Russian supply for the coming months. The rise in…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!

[booked-calendar]