Crude oil prices recover slightly after Monday’s slump

ICE Brent futures contracts recovered to 63 $/b on early Tuesday, after Monday’s price crash, with ICE Brent prompt future losing 4.2%. The loss was likely caused by increasing downside risk on demand, as France implemented a third nationwide lockdown and India reached record levels of cases reported within one day, pointing towards further lockdowns in targeted provinces. On the supply side, US-Iran talks about the nuclear deal are resuming, with firm decisions likely before Iranian elections on June the 18th and sanctions being lifted this summer/fall. Saudi OSPs over the weekend showed confident pricing to Asia and limited upside to Europe, as the Kingdom discounted its crude against Brent, as Saudis likely see short term weakness but should resume its constructive pricing for the next trading cycles.

Share this news :

You might also read :

February 21, 2022

EUAs shed most of Thursday’s losses

The European power spot prices for today were strongly curbed by the continuously strong renewable production with the German wind production expected to remain near…
July 22, 2021

Broad rebound in risky assets

Concerns about the spread of the Delta variant seem to have significantly diminished suddenly: bond yields rebounded, the US 10y nearing 1.3%. Stock markets were…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

🏆 You like our solution ?

Vote for us at the 2024 Energy Risk Commodity Rankings, in the Research category!

Thanks in advance.

Don’t have an account yet?