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International market
After the decline in oil prices since early October, the trough has been reached. All the factors that led to the collapse of prices on the international oil market are currently taken into account. Poor growth expectations, coupled with declining demand and large crude oil supply, put the market in a situation of oversupply within two months.
Since yesterday, the ICE and NYMEX oil exchange prices have slightly recovered. Future price developments for Brent and WTI now depend heavily on OPEC's ability to reduce oil production at its December 6 meeting and its magnitude. In addition, signals from the G20 summit in Buenos Aires could give a revolutionary boost next weekend. If the United States and China negotiate a solution to the trade dispute, it would support oil prices. Major oil producers from the United States, Russia and Saudi Arabia are also meeting and likely discussing the subject of production cuts.
Around the middle of the week, reports of changes in US oil inventories generally have an impact on futures contracts. Until now, however, this has not been the case. In the United States, inventories of crude oil and distillates (fuel oil and diesel) rose last week. This is clear from preliminary data on oil stocks from the American Petroleum Institute (API). Gasoline reserves, however, declined. The increase in crude oil supplies sends a signal of lower prices, which is however ignored by market players. Official figures from the Ministry of Energy (DOE) follow today at 16:30.
Prices on oil exchanges tend to rise today early in the morning. Like yesterday already, price fluctuations are expected today. West Texas Intermediate (WTI) crude oil barrel currently costs $ 52.18 , The Brent North Sea is $ 60.91 the barrel. One ton of diesel will cost $ 582.75 traded. The US dollar costs this morning 0.8871 euros , It costs 1,1270 euro , The arrows indicate the price evolution compared to the beginning of trading the previous day.
National market
Heating oil prices will start this morning. Over the three-month period following the current price trend for heating oil, the change in direction is already clear. The downward trend in the near future persists, but the high premiums due to transport bottlenecks in Germany also persist.
The fact that the average price of heating oil in Germany has decreased by around 16% in one month is due solely to the mbadive drop in prices on the crude oil market. Crude oil prices have risen again since the beginning of the week, and this is also noticeable in the domestic market today. The supply situation in this country remains tense. River water levels, which are important transportation routes for fuel oil, are still extremely low. This guarantees a high margin. If the impetus for the slowdown of the international oil market is now lacking, this indicates an increase in fuel oil prices. In the coming week, water levels are expected to increase slightly, but transport problems may disappear even if it is a continuous evolution.
Above average fuel oil customers are currently tracking price developments with interest. Orders usually give up customers who still have to supply in winter. The herd counter indicates a high willingness to buy. It puts the fuel demands in relation to the orders actually placed. If the number of orders increases compared to requests, this indicates a high willingness to purchase. The rating of readers reflects the hope born of the fall in prices recorded in recent weeks. Of the clients who participated in the vote, 88% expect lower prices in the future.
The low price mathematical system gives a buy signal everywhere in Germany. This is the drop in prices on the world market, which is noticeable in the German heating oil market.
After a long drought in the short and medium term, the price trend is giving you courage: the 3-month view shows a downward trend. In the 6 month perspective, it's a decision – a decline seems to be possible here. However, in the three longer-term charts, trend channels always predict price increases. In the very long-term perspective of 10 years, the situation is slightly down.
The advice to all undecided: Make sure to come with your tank filled with winter. If necessary, order a subset now. If you are well taken care of, then sit back and relax.
To make the most of a good time, you must know exactly how much space there is in your tank. Our e-gauge will help you. With this one, you can measure the fill level of your oil tank at any time with the touch of a button.
Incidentally, we believe that we must all develop measures and behaviors to reduce consumption in order to be ready for the future.
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