Europe’s weakness spills over the West African market
- Oil
- March 30, 2021
The Suez canal blockade was mostly resolved yesterday, and traffic is resuming albeit at a slower rate. Crude prices were still relatively shielded from this event. ICE Brent front-month contract was trading at 64.8 $/b on early Tuesday, mostly driven by the cautious Russian stance ahead of the OPEC meeting on Thursday. The weak sentiment on the crude oil market primarily comes as the West African market struggles to clear for the April loading program. By looking at mobility data, US gasoline demand could reach 9 mb/d within weeks.
Apple mobility data shows that US gasoline demand could likely reach 9 mb/d imminently as the index averaged 140 last week, at a similar level to late August’s highs.
Share this news :
You might also read :
European spot gas prices were mixed yesterday, torn between the bullish impact of strong heating demand due to below-normal temperatures and the bearish impact of…
December 6, 2021
Profit taking pushed EUAs back towards 78€/t
The power spot prices rose for today in northwestern Europe, supported by forecasts low temperatures, low French nuclear availability and weak wind production. The day-ahead…
June 17, 2022
Prices torn between concerns on supply and profit taking
European gas prices were mixed yesterday, torn between ongoing concerns on supply and profit taking. Yesterday, reflecting the problems on the compressors mentioned the previous…
Subscribe to our newsletter