Heating Oil Market Price Information Aug 2019.
Oil Market, Exchange Rate, and Heating Oil Price Information Aug 2019.
Brent Crude Dated ($ per Barrel)
Price at Start of Month: $63.97 Price at End of Month: $59.09
Highest Price in Month: $63.97 Lowest Price in Month: $55.18
Pound £ to US Dollar Rate $ Exchange Rate FT:
Start of Month: 1.219 End of Month: 1.2159
Kerosene (Heating Oil) Cargo Price $ per tonne
Start of Month: $630.00 End of Month: $603.25
Highest Price in Month: $630.00 Lowest Price in Month: $582.00
Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 4.11 ppl
Oil Market commentary & Market Data available from:
http://www.bbc.co.uk/news/business/market_data/commodities/default.stm
Global Markets Review
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August saw global stock markets decline while perceived safe haven assets such as bonds outperformed amid escalating worries over trade and growth. A closely-watched US bond market indicator suggested rising recession risk.
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In the US, shares fell amid growth worries. The Treasury yield curve inverted for the first time since 2007, magnifying concerns that the economy may be heading into recession.
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Eurozone shares ended lower in August. Weak economic data from Germany contributed to heightened worries over global growth.
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Shares fell in the UK, although defensive areas such as healthcare and utilities outperformed. The prospect of a no-deal Brexit rose with the government unveiling plans for a lengthy prorogation of parliament.
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Japanese shares fell, mirroring the currency market as the yen moved sharply higher against the dollar early in the month.
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Emerging market equities declined as trade tensions escalated. Those markets most sensitive to US dollar strength came under pressure. These included Turkey and South Africa, but also Argentina where a surprise primary election result triggered a major sell-off in shares and the currency.
UK equities fell over August. Sterling recovered some ground lost in July but fell in the final week of the month. The prospect of a no-deal Brexit rose with the government unveiling plans for a lengthy prorogation of parliament.
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The commodity markets, and oil especially, is extremely sensitive to growth figures with fears of recession impacting global demand. Crude oil fell 7.7%, with demand concerns outweighing ongoing supply risks which are mainly driven by political events. The £ to $, and to a lesser extent £ to Euro, exchange rate fluctuations were significanly turbo charged by the UK Government's attempts to deliver Brexit.
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