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Posted: 05/07/2018

Monthly Oil Market update June 2018

Monthly Oil Market update June 2018

Heating Oil Price Key Market Information June 2018

Oil Market, Exchange Rate, and Heating Oil Price Information June 2018

 

Brent Crude Dated ($ per Barrel)

Price at Start of Month: $76.39                Price at End of Month: $77.99

Highest Price in Month: $77.99                Lowest Price in Month: $72.16

Pound £ to US Dollar Rate $ Exchange Rate FT:

Start of Month: 1.333                                 End of Month: 1.3200

Kerosene (Heating Oil) Cargo Price $ per tonne

Start of Month: $730.75                                           End of Month: $722.75

Highest Price in Month: $722.75                            Lowest Price in Month: $681.25

Resulting in a Heating Oil Price (Pence Per Litre) Monthly range: 2.69 ppl

According to the OMJ “Crude prices remain well supported by concerns over Iran. Traders are worried the US is looking for a much lower blockage of Iranian crude imports that initially estimated. The market had been pricing in a reduction in Iranian supply of about 500,000 bpd. However, there are now fears that the US is hope to block much of Iranian's 2.7m bpd of crude exports. It is reported that Saudi will hike production by 1m bpd before the end of July. However, even with the other OPEC and non-OPEC producers increasing production there is still a risk the market with experience a large shortfall in Q4 2018. As a result it is no surprise WTI Crude is attempting to break out higher above long term resistance at $69/b.”

Oil Market commentary & Market Data available from:

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