The fall in prices interrupted by the blockade of the Suez Canal

Crude oil prices plunged yesterday on raising concerns about global demand fuelled by bad news about the pandemic (see the Daily Eco). API data also pointed to a new rise in US crude stocks last week. The Brent 1st-nearby prices fell to almost $60/b and WTI prices to $57.25, their lowest levels since the first half of February. But they have rebounded this morning on the news that an giant ship blocked the Suez canal, which may have a strong temporary impact on oil transportation. About 10% of total seaborne oil trade goes through the canal.

Share this news :

You might also read :

June 2, 2021

OPEC passes on its turn

Strong uncertainty around the timing of a potential return of Iranian oil on the market pushed the OPEC+ group to just confirm what had been…
May 28, 2021

Crude oil prices sharply on the rise

Brent 1st-nearby prices have neared the key level of $70/b this morning. Expectations of higher oil output from OPEC+ producers and the potential comeback of…
May 17, 2021

Asian margins pressured

ICE Brent prompt month contract recovered to 68.5 $/b on Friday amid a rapid recovery of the Eurodollar, and a global recovery in equity prices…
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?