Heating Oil Market Price Information April 2019.
Oil Market, Exchange Rate, and Heating Oil Price Information April 2019.
Brent Crude Dated ($ per Barrel)
Price at Start of Month: $69.22 Price at End of Month: $72.50
Highest Price in Month: $74.38 Lowest Price in Month: $69.22
Pound £ to US Dollar Rate $ Exchange Rate FT:
Start of Month: 1.315 End of Month: 1.304
Kerosene (Heating Oil) Cargo Price $ per tonne
Start of Month: $646.50 End of Month: $668.75
Highest Price in Month: $681.50 Lowest Price in Month: $646.50
Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 1.58 ppl
Sterling has traded in a narrow range of $1.28-$1.30 since Britain last month pushed its scheduled departure from the European Union back from March until Oct. 31.
But the currency hit a two-week high on Tuesday 30th April and has been nearing $1.31, helped by comments from Prime Minister Theresa May suggesting a rapprochement in talks with the main opposition Labour Party.
Oil prices have fallen in the past week, from their highest price in 2019, as the pressure of record U.S. output levels continues to weigh on the market.
U.S. crude oil production reached a record 12.3 million barrels per day (bpd) last week, rising by around 2 million bpd over the past year. U.S. crude exports broke through 3 million bpd for the first time this year, according to data from the Energy Information Administration.
Analysts say U.S. supply will rise further as its export infrastructure is improved.
One of the things that we can see in the near future is the de-bottlenecking of the Permian basin in the U.S. through new pipelines and export capacity. This will connect the world’s largest shale basin to the global oil market.
Rising U.S. oil production has helped offset some of the disruptions from U.S. sanctions against Iran and Venezuela, and from supply cuts led by the Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC), which started in January.
Despite these disruptions and sharp oil price rises in the first months of this year, some analysts say the long-term price risk to crude oil is skewed to the downside.
Economist said the 130 percent rise in U.S. production due to the shale oil revolution during the past decade had created a strong and constant downside risk to oil prices.
Additional Oil Market commentary & Market Data available from the BBC business website.