Oil prices shoot up after mega container ship blocks Suez Canal March 24, 2021 Oil prices soared higher this afternoon after one of the world’s largest container ships ran aground in the Suez Canal, blocking the major trade artery. While equity markets were largely quiet earlier today, global energy trading went into a frenzy as fears the blockage could disrupt shipment for days sparked speculation that oil supply could [...]
City A.M. TV: Daily Market Snapshot (video) March 24, 2021 The rotation out of the recent winners (especially the ‘reflation trades’) continued yesterday. In particular, the oil price was sharply lower (-6%); bond yields continued to ease, with the US 10 year yield off again (by 6bps); and the Russell 2000 was notably weak (-3.6%, i.e. given its ‘reflation’ and energy exposure). On this occasion, [...]
Oil prices tumble as new lockdowns prompt fresh demand fears March 23, 2021 Oil prices plunged today as new coronavirus lockdowns and tougher travel restrictions across Europe raised fears of a slump in fuel demand. Worldwide standard Brent crude tumbled 4.7 per cent by the mid-morning, shedding more than $3 to stand at $61.60. US counterpart West Texas Intermediate dropped by the same margin, falling back below the [...]
Saudi Aramco’s profits plunge 44 per cent as oil demand slides March 22, 2021 Oil group Saudi Aramco will keep its $75bn dividend promise to shareholders despite profits almost halving in 2020 as Covid rocked economies. The world’s biggest oil firm said net income had dropped to £35.4bn, down 44 per cent compared to the previous year. Aramco has taken on more debt in the past 12 months to [...]
Markets: FTSE eeks out gains as UK’s GDP drops March 12, 2021 Markets: FTSE eeks out gains as UK's GDP falls
What’s behind the recent surge in oil prices? March 8, 2021 Global oil prices briefly rose above $70 today, their highest levels since January 2020, as the recent market rally continued apace. Although cooling later in the day, the spike saw prices hit peaks not seen since the US assassinated Iranian general Qassim Soleimani at the beginning of last year. And once again, it was security [...]
Oil price through the roof following Saudi drone attack March 8, 2021 Oil price have eased back off their mornign high of over $70 a barrel, which followed a drone attack on Saudi Arabian oil facilities over the weekend. Saudi officials said on state television that the ttack hit one of the oil storage yards at the Ras Tanura port in the east of the country, with [...]
Oil prices jump five per cent as Opec mulls supply cuts March 4, 2021 The price of Brent crude increased by $2.91 today, up 4.5 per cent and West Texas Intermediate (WTI) crude rose $2.75 to around $64 a barrel, up 4.49 per cent. The price rises came as ministers from the Organisation of the Petroleum Exporting Countries and its allies convened a meeting to discuss a potential [...]
Oil prices climb above $63 for first time in 13 months February 15, 2021 Oil prices rose above $63 for the first time since last January this morning as last week’s rally continued apace. The combination of hefty supply cuts, optimism over the global rollout of Covid vaccines, and tension in the Gulf sent prices up. Worldwide standard Brent Crude is currently up 1.2 per cent at $63.20, while [...]
Oil prices hit highest levels in 13 months on back of supply cuts February 9, 2021 A seventh straight session of gains sent oil prices to their highest levels since January 2020 this morning. The rise was driven by a combination of supply cuts by major producers and optimism over a recovery in fuel demand support energy markets. Benchmark Brent crude futures picked up 0.7 per cent to stand at $60.97 [...]