EnergyScan

Brent price nears $73/b

Crude oil prices hit a low yesterday ($71.51/bbl for Brent) after Saudi Arabia cut the price of its exports to Asian customers. Then, they recovered in a context still marked by the damage inflicted by Hurricane Ida on the oil complex in the Gulf of Mexico: 80% of the region’s production remains absent. The upward trend is supported by the surprise rebound in China’s foreign trade in August, although the significance of these figures is questionable (see Daily Eco). More specifically, crude oil imports also seem to be heavily dependent on government quotas and weather conditions (there was a typhoon in July), without this really reflecting the state of demand.

Brent 1st-nearby is trading around $72.80/b with a prompt time spread rising to around $0.65.

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

You might also read :

ES-economy
June 9, 2021

Markets still on hold

This was to be expected: market participants are waiting for tomorrow and the parallel releases of US inflation figures as well as the ECB’s decision…
ES-gas
February 23, 2021

European prices down again

European gas prices weakened again yesterday, still more sensitive to warmer weather and negative clean spark spreads on the spot and the month-ahead than to…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

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

[booked-calendar]