Gas Oil 1 year $/TonneMonday 16 December, 2019
The fundamentals for distillates improved slightly last week with a rise in demand offsetting higher stocks. Prices are also supported by the graphs with both the short and medium term graphs looking bullish. The key ICE Gas Oil is trying hard to break above resistance at $595/t. We expect the growing optimism on financial markets to drag oil higher and the risks are to the upside.
Gasoline 1 year $/TonneMonday 16 December, 2019
Gasoline fundamentals weakened last year with stocks rising and demand falling. Stocks increased by 5.4mb on the week and 3.3mb on the year. Demand is very close to the five year average and the level seen last year. With the fundamentals weak we expect the key NYMEX RB Gasoline Future to remain range bound between 160 and 170c/g. and for ARA Ebob barges within a range of $550-600/t.
Crude 1 year $/TonneMonday 16 December, 2019
The fundamentals for crude weakened sharply last week with stocks rising and demand falling sharply. As a result the days cover spiked by 3.2 days to 24.4 days. We expect the demand data to correct higher. Despite the weak fundamentals as reported by the DOE, crude prices are trending firmly higher and Brent Crude is breaking out above resistance at $64/b opening the way for further gains.
Already a client?
Login to add this
widget to your website
Not a client yet?
Request a Free Trial
to find out more
© Copyright 2019 The Oil Market Journal
website by Eyekiller