Updating the heating oil market: Oil prices are falling today

22/06/2022, 08:29 by Josef Weichslberger

Oil prices in the international commodity futures markets were relatively stable in yesterday’s trading and closed around the starting level. This morning, however, futures in Asian trade have so far been very weak, so heating oil prices in Germany will most likely start the day with a nice discount.

The August contracts for European North Sea oil “Brent” are currently at $ 110.25 per tonne. barrel, a barrel of American oil “West Texas Intermediate” costs $ 105.15 per hour. The euro is experiencing small losses against the US dollar and is trading at around 1.0495 USD this morning.

Yesterday it was relatively quiet on the international oil exchanges. There was hardly any new market-moving news, so crude oil prices moved sideways in a trading range that was quite narrow compared to the last few weeks and months.
It is not yet clear why there was a sharp downward movement in Asia this morning, especially as the few news available at the moment suggest that oil prices will continue to rise.
It was announced yesterday that Norway’s oil production fell again in May. The official forecasts had already been overlooked regularly in the previous months, so it probably came as no surprise.
The expectation from the head of the oil company ExxonMobil that the supply situation in the oil markets will remain tense for the next three to five years would actually be bullish, ie. price-pressing.
However, stock market traders’ growing fear of a recession has certainly had a price-squeezing effect these days. Rising interest rates and high commodity prices are likely to make the global economy difficult in the near future.
Due to a holiday, the American Petroleum Institutes (API) weekly U.S. oil inventory data will not be released until tonight, after the U.S. market closes. The much more comprehensive and influential people from the Department of Energy (DOE) will follow tomorrow.

Not much happened in the foreign exchange market yesterday either. The euro ended the session slightly changed against the US dollar and is falling slightly this morning. The economic data reported yesterday on both sides of the Atlantic were relatively unspectacular.

Fortunately, thanks to the marked fall in crude oil and gas oil prices, fuel oil prices in Germany are starting to trade at significant discounts today. Current calculations and initial price trends suggest a decline of about 2 to 3 cents per. liters. The sideways trend that has been in place for about two weeks has thus remained at a high level so far. Although demand has risen considerably in recent days, the number of orders remains relatively low relative to price demands.

More market reports

Tuesday, 21/06/2022, 08:32

Unfortunately, oil prices recovered quickly after Friday’s setback and rallied in this morning’s Asian-dominated trade. As a result, fuel oil prices in Germany will unfortunately start to trade with a marked plus.

Monday 20/06/2022, 08:41

Oil prices came under great pressure in the late trading on Friday and the new trading week starts at a significantly lower level. As a result, heating oil prices in this country are also expected to fall significantly.

Leave a Comment