Oil price falls -DMR

The price of oil fell this morning, according to npower’s daily market report. That happened after Saudi Arabia tempered expectations that the world’s major oil producers would look to freeze […]

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By Priyanka Shrestha

The price of oil fell this morning, according to npower’s daily market report.

That happened after Saudi Arabia tempered expectations that the world’s major oil producers would look to freeze production next month.

Oil was trading at $49.53/BBl, stated Alex Guiot from the Optimisation Desk.

 

The gas system is forecast to close 21mcm oversupplied. The mid-range storage facilities Holford and Hornsea are currently nominating 10mcm and 7mcm respectively.

Mr Guiot added: “Healthy flows from Norway and healthy send-outs from the various LNG terminals have helped to contribute to this position.

“Temperatures across Europe are expected to drop this week end but are still forecast to remain above seasonal normal for the next four weeks.”