Gas Oil 1 year $/TonneMonday 21 January, 2019
The fundamentals last week improved with a spike in demand offsetting higher stocks. Going forward we continue to expect increased demand as a Siberian cold front engulfs most of Europe over the next few weeks with extremely cold weather. At the same time the US weather forecasts show polar air moving south from the Arctic providing the US with cold snap. As a result heating oil demand will spike and prices will likely join the party.
Gasoline 1 year $/TonneMonday 21 January, 2019
The fundamentals for gasoline are weak, in fact a levels of record weakness! US gasoline stocks are spiking, demand is falling and as a result the days cover has increased to a 12 month high. Stocks should continue to increase with the seasonal peak not normally occurring until late February / early March, although demand should be close to the seasonal low point. We expect further consolidation with resistance for NYMEX Gasoline at 145c/g.
Crude 1 year $/TonneMonday 21 January, 2019
The fundamentals for crude were mixed last week, stocks increased on the year but fell on the week, demand increased but production surged. Short term graphs look toppish, medium term graphs are trying to bottom out. Overall it is a mixed bag with resistance for Brent Crude at $64/b and $54/b for WTI Crude. As a result we expect near term consolidation.
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