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International market
The upward movement in oil prices, which started earlier this week, is over. Yesterday, North Sea Brent and US WTI prices fell again sharply. The factors that continue to certify that the world market has sufficient reserves of crude oil have prevailed. US sanctions against the Iranian oil industry have once again lost some of its terror. Iran and China have found a way around the restrictions on oil exports. China has now set up a special bank to handle the purchase of Iranian oil without violating US sanctions. The exemption, according to which China is allowed to import 360,000 barrels a day (B / T), had already relaxed the sanctions. Market players now badume that much more Iranian oil will arrive in the middle kingdom.
Current oil price developments largely depend on the evolution of OPEC and Russia's decision to cut production. The meeting of OPEC next week should clarify this. Reductions ranging from 1 to 1.4 million B / T are under discussion. However, it is doubtful whether Russia adheres or not. Saudi Arabia had made this during the last negotiations a precondition for its own limitation of production. However, Russia is currently feeling no pressure to act. The country can handle lower oil prices than other producing countries because the costs of production are relatively low. For promotion alone, Russia spends less than any other producer in the world. Currently, we also benefit from the weakness of the ruble against the dollar. The wages of oil workers are paid in rubles, while oil exports are paid in dollars. This increases the profit margin. It is therefore exciting if an agreement succeeds. Price fluctuations are inevitable on ICE and NYMEX.
At the same time, changes in oil inventories in the previous reporting week led to lower prices in the United States. Crude oil inventories rose, the Department of Energy (DOE) announced yesterday late afternoon. The increase is stronger than expected and roughly corresponds to figures already reported in advance by the American Petroleum Institute (API). Distillate reserves (fuel oil and diesel) have also increased. Gasoline inventories, on the other hand, declined slightly. Demand for oil slowed during the week, while crude oil production, at 11.7 million barrels per day (B / T), remains at record levels.
The change in US oil inventories by numbers:
Crude oil: + 3.5 million barrels (API) and +3.6 million barrels (DOE)
Fuel oil and diesel: +1.2 million barrels (API) and + 2.6 million barrels (DOE)
Petrol: -2.6 million barrels (API) or -0.8 million barrels (DOE)
On the oil exchange, the day begins with a price fluctuation close to yesterday's lows. A barrel of US West Texas Intermediate (WTI) crude oil currently costs $ 50.39. , North Sea Brent rises to 58.65 USD the barrel. One ton of diesel will be $ 562.00 traded. The dollar is this morning for 0.8782 euros to have. It costs 1,1385 euro , The arrows indicate the price evolution compared to the beginning of trading the previous day.
National market
Fuel oil prices are down again almost everywhere this morning. They are based on the price of crude oil, which declined significantly yesterday. The current trend in heating oil prices shows an impressive start for the month that is coming to an end, despite supply bottlenecks in Germany.
As long as the Rhine has a low level of water as a major transport route for fuel oil, the difficult supply situation in this country remains a problem and, as a result, high margins for maneuver. Nevertheless, heating oil prices have fallen rapidly since early November by about 17.5%. This is due to the decline in crude oil prices on the international market. If they show up, the price relaxation is over in this country. A taste of the first half of the week.
Above average fuel oil customers are currently tracking price developments with interest. Orders usually give up customers who still have to supply in winter. They have more and more access. The fuel oil meter has the highest value for readiness. It puts the fuel demands in relation to the orders actually placed. According to the evaluation of the reader, you can find that 79% expect a falling 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.
In order to estimate your oil requirements, it is important to know exactly how much is left in the 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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