IMG.gif

Marketview: Diesel on the Floor

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Out,Of,Use,Petrol,Diesel,Pumps,Fuel,Station,Supply,Demand,Shortage

Global benchmark Brent crude dropped below $90 per barrel again this week but promptly rebounded above that threshold. Technical traders say Brent remains well above its next key support level — in fact, the front month contract is closer to resistance than support. For all the bearish sentiment and fears about a recession driving prices, expectations of a tight market — especially for heating fuels during winter in the Northern Hemisphere — seems to be putting a floor under oil.

Topics:
Oil Demand, Oil Products, Diesel/Gasoil
Wanda Ad #2 (article footer)
#
Traders increasingly believe Russia will fail to keep all its oil flowing once EU import bans take effect in coming months.
Thu, Sep 29, 2022
Oil prices snapped a four-week losing streak just as markets head into what promises to be a tumultuous fourth quarter.
Fri, Sep 30, 2022
Russia solidified its position as one of India’s top crude oil suppliers in September, according to ship-tracking data.
Fri, Sep 30, 2022