Crude Oil Price Movement to 13/06/19

Posted On June 13th, 2019 - 2:32 pm | by Oil and gas press

The price of OPEC basket of fourteen crudes stood at $61.01 a barrel on Wednesday, 12 June 2019, compared with $62.56 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

WTI 52.79 per barrel +1.65

Brent 62.08 per barrel +2.11


Crude oil price volatility increased in May after declining for four consecutive months and stayed at elevated levels into the first week of June. Demand-side concerns became the most salient issue during the past month and contributed to volatility and price declines for risk assets such as commodities and equities. Both China and the United States issued tariffs on each other, with the United States also announcing potential tariffs on Mexico near the end of May. In addition, expected industrial activity, as measured by the manufacturing Purchasing Managers’ Index (PMI), declined across several countries in May, and the U.S. manufacturing PMI fell to its lowest level since 2009. These developments are contributing to concerns that economic growth could be lower than market participants’ expectations, which would cause oil demand growth to also be lower than expected.

Declining crude oil production in Venezuela and Iran, as well as Saudi Arabian over-compliance with December 2018 Vienna agreement production cuts, pushed crude oil production among members of the Organization of the Petroleum Exporting Countries (OPEC) to 29.9 million barrels per day (b/d) in May, the lowest for any month since July 2014. In addition, production shut-ins in Russia related to contamination of the Druzhba crude oil pipeline have emerged, and the market effect of these reductions has been compounded by planned maintenance on crude oil production platforms in the North Sea, where crude oil grades are in many cases substitutable for the disrupted Russian barrels. More: U.S. Energy Information Administration


WTI Crude Oil (Nymex)
USD/bbl. 53.03 +1.89 +3.70% Jul 2019 CONTRACT

Brent Crude (ICE)
USD/bbl. 62.24 +2.27 +3.79% Aug 2019 CONTRACT


Oil rebounded as two tankers were damaged in a suspected attack in the Gulf of Oman. Crude in London and New York soared as much as 4.5%

State oil giant Aramco is preparing to host its first earnings call in August to discuss half-yearly results. Saudi Aramco has announced a new financial first for the giant: it will hold its very first earnings call in August revealing to the world its H1 2019 results, according to Arabian Business.


Compiled by Segun Cole of Oilandgaspress.com

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