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Fear Weighs In On Oil Prices


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Today’s News

In attempts to maintain elevated prices, Saudi officials have pledged production cuts to maintain elevated prices. However, repercussions ensue as public fears have resulted in an opposing effect in the global market with oil prices fluctuating once more, taking a downturn instead of a projected uptick.

Oil prices have since experienced another fall as it was reported to head for a second weekly loss in a row. Demand concerns and fears spearheaded the matter with many seeking alternative energy sources while others remain unfazed by the prospect of tighter supplies.

Reports also indicate that an alleged U.S.-Iran deal might be involved as an alternative measure for energy sources.

Economic Concerns Cap Oil Prices

Concerns about the global economy has dampened the oil market’s reaction to Saudi Arabia’s notions to limit supplies and has capped prices this year. Benchmark Brent crude prices were just below $76 a barrel, just a little shy from the previous prices, prior to the Saudi announcement which would result in a cut of 1 million barrels per day, starting July.

Source: REUTERS

Oil prices remains tight with little spare capacity to deal with a future rise in demand. “The supply cut is a macroeconomic sentiment”, claimed Colin Parfitt, Chevron’s vice president of midstream.

Softer Oil Prices In Response To Demand Fears

Brent crude futures dropped by 36 cents, or 0.5%, to $75.60 a barrel while the U.S. West Texas Intermediate crude futures eased by 33 cents, or 0.5%, to $70.96 a barrel.

Source: REUTERS

Both benchmarks slid by approximately $1 respectively yesterday as it rebounded from their earlier losses of more than $3.

Europe’s Gas Prices Stabilize Despite Storage Addition Slowdowns

Europe’s gas storage is refilling much slower than usual as softer prices encourages more consumption by industrial users and power generators while diverting liquefied natural gas (LNG) cargoes to Asia.

Source: Financial Times

Gas inventories across the European Union and the United Kingdom were +261 Terawatt-hours (TWh) above the prior 10-year seasonal average on June 6, a surplus of +48% or 1.88 standard deviations.

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