![]() ![]() WTI crude prices have been dipping below $52.00/b this morning and could potentially drop to $50/b. Three summary charts are followed by the Price Movers This Week briefing for a more thorough review. Our weekly price review covers hourly forward prices from Friday, January 24 th, through Friday, January 31 st. Today is the last day of February forward month contracts, and contracts are moving to March. Gasoline and diesel prices also continued to fall, following crude down. Thursday’s low point of $51.66 was the lowest since May 2017. WTI futures prices dipped below $52/b midweek. WTI futures crude prices opened on Friday, January 24, at $55.69/b, and prices slid to an open of $52.92/b today, down by $2.77/b. The week appears to be headed for a finish in the red, the fifth weekly decline in a row. WTI contracts have shifted to March forward month, and prices currently are in the $51.60-$53.50/b range. ![]() WTI crude futures prices opened at $52.92/b this morning, the lowest opening price since October 16 th 2019. If WTI prices drop along the lines seen in 2003, prices could fall below $48/b. Looking back to the SARS outbreak in 2003, crude spot prices fell by approximately 20%. Many flights in and out of China have been cancelled. Forecasts of demand for fuels and other commodities are being revised downward. Its duration and intensity cannot be foretold. January 31, 2020: Oil prices are continuing to fall, as the World Health Organization officially declared coronavirus 2019-nCoV, a “public health emergency of international concern.” The outbreak is causing great uncertainty. ![]()
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