Heating Oil Price Key Market Information June 2017
Brent Crude Dated ($ per Barrel)
Price at Start of Month: $50.13 Price at End of Month: $47.46
Highest Price in Month: $50.13 Lowest Price in Month: $44.24
Pound £ to US Dollar Rate $ Exchange Rate FT:
Start of Month: 1.291 End of Month: 1.294
Kerosene (Heating Oil) Cargo Price $ per tonne
Start of Month: $484.75 End of Month: $472.25
Highest Price in Month: $484.75 Lowest Price in Month: $446.00
Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 2.15 ppl
Oil Market commentary & Market Data available from:
http://www.bbc.co.uk/news/business/market_data/commodities/default.stm
Commentary: Over the last month the fundamentals for Crude have improved with stocks falling on both the week and year. The difference in stocks, compared to the previous year, fell to a 52 week low. However demand also weakened sharply down a massive 2.2m bpd. This we think means that the near term risks remain to the upside due to the falling stocks and the weakening US Dollar. $50/b. is in sight for Brent Crude in our opinion, with a corresponding increase in heating oil costs.