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Posted: 08/12/2016

Heating Oil Price Key Market Information November 2016

Heating Oil Price Key Market Information November 2016

Brent Crude Dated ($ per Barrel)

Price at Start of Month: $46.63                Price at End of Month: $52.50

Highest Price in Month: $52.50                Lowest Price in Month: $41.92

Pound £ to US Dollar Rate $ Exchange Rate FT:

Start of Month: 1.221                   End of Month: 1.25

Kerosene (Heating Oil) Cargo Price $ per tonne

Start of Month: $463.00                                           End of Month: $479.75

Highest Price in Month: $497.75                            Lowest Price in Month: $427.50

Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 4.66 ppl

After talking about cutting production since January 2016, Saudi Arabia, and Russia finally reached a deal in the early hours of Wednesday morning (30th November 16) enabling Opec to agree the first production cuts in eight years. The Opec move is aggressive and crude prices immediately rose sharply. We expect that this will cause a rebound in US shale production as the economics of the oil price and the move by Opec has just given the US shale oil industry a wonderful Christmas present!

BBC commentry: Oil prices rise further after Opec agrees output cut

Additional Oil Market commentary & Market Data available from:

http://www.bbc.co.uk/news/business/market_data/commodities/default.stm