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:
Global Markets Review
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.
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.
Eurozone shares ended lower in August. Weak economic data from Germany contributed to heightened worries over global growth.
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.
Japanese shares fell, mirroring the currency market as the yen moved sharply higher against the dollar early in the month.
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.
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.