Oil Price Fall

Oil Prices Fall Amid Rising COVID-19 Infections in Asia

Oil prices fell on renewed demand concerns as coronavirus cases in Asia rise and on fears of rising inflation might lead the US Federal Reserve to raise interest rates, which could limit economic growth, reports ArabNews.

Oil price fall

Brent crude futures fell 73 cents, or 1.1 percent, to $67.98 a barrel at 0452 GMT. It settled 1.1 percent lower on Tuesday after briefly climbing above $70 earlier in the session.

US West Texas Intermediate (WTI) crude futures dropped 77 cents, or 1.2 percent, to...

https://mfame.guru/oil-prices-fall-amid-rising-covid-19-infections-in-asia/

Oil Prices Fall Over New COVID Strain Lockdown & Stronger Dollar

According to a Reuters report, oil prices steadied on Monday after strong gains last week, as tough coronavirus lockdowns around the world renewed concerns about global fuel demand, while a stronger U.S. dollar also weighed on prices.

Brent fell 33 cents to settle at $55.66 a barrel, after bouncing off the session low of $54.99. U.S. West Texas Intermediate (WTI) rose a cent to settle at $52.25 a barrel.

New Strain Lockdown Woes

“The renewed concerns about demand due to very high numbers of new...

https://mfame.guru/oil-prices-fall-over-new-covid-strain-lockdown-stronger-dollar/

Tanker Transit Via Suez Canal Falls

  • The demand for oil transports has stayed subdued since the April crash in oil prices.
  • Oil tankers passing through the Suez Canal in October saw a sharp 27% decline.
  • October recorded just 9 transits of LR1 tankers (55,000 – 80,000 DWT), which is a 74% drop.
  • Dry bulk transits have risen 24.4% in the first 10 months of the year.
  • Containership transits unsurprisingly fell by 14.4%.

A sharp 27% decline in the number of oil tankers passing through the Suez Canal was seen in October, reports BIMCO.

Wha...

https://mfame.guru/tanker-transit-via-suez-canal-falls/

Europe Lockdown and U.S. Elections Keep Oil Market Volatile

  • Lockdowns in Europe and uncertainty over a US election could mean oil market volatility may be on the horizon.
  • Oil prices gained nearly 3 percent on Monday, paring earlier losses, on the eve of what is almost certain to be a contentious presidential election in the United States.
  • Also major economies in Europe go back into lockdown in an effort to stem rising coronavirus infections.
  • Global benchmark Brent crude for January delivery rose $1.03 or 2.7 percent to settle at $38.97 a barrel on...

https://mfame.guru/europe-lockdown-and-u-s-elections-keep-oil-market-volatile/

Plunge in Oil Price Forces LNG Production Cut!

  • Oil is not the only fossil fuel that suffered a steep price fall due to virus-containment measures. 
  • LNG has also plunged, dragging Asia’s spot prices to record lows and forcing some suppliers to start cutting output.
  • Asia’s spot LNG prices dropped to $1.85 per million British thermal units (mmBtu) 
  • Brent crude was up by 0.4 percent to $29.84 a barrel, after falling earlier in the Asian session and dropping 4 percent.
  • US oil gained 0.8 percent to 24.18 a barrel after declining more than 2...

https://mfame.guru/plunge-in-oil-price-forces-lng-production-cut/

Coronavirus Outbreak Pushes Bunker Spread Record Low and Scrubber Premium Fall!

  • Q1 saw record low bunker spread and scrubber premium sliding.
  • Bunker price differential to end the quarter at $79/mt (Rotterdam prices on March 31st).
  • Scrubber premium declined sharply over the course of the first 3 months of the year and ended the quarter at $2,699 for capesizes and $1,319 for panamaxes.
  • Scrubber installations planned for the balance of 2020, will increase the total number of scrubber ships to about 3,500 by the end of the year. 
  • Coronavirus outbreak has shrunk bunker spread...

http://mfame.guru/coronavirus-outbreak-pushes-bunker-spread-record-low-and-scrubber-premium-fall/

More Than 2% Oil Price Fall As US-China Trade Negotiations Falter

According to a Reuters report, oil prices lost about 2% on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.

Oil Price Under Pressure

Oil prices also felt pressure as the U.S. dollar .DXY, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain’s exit from the European Union attracted...

http://mfame.guru/more-than-2-oil-price-fall-as-us-china-trade-negotiations-falter/