Current Oil Price

[PS_RalphW]

Oil price is down sharply again att 34 dollars WTI. It may be a month end effect, but it is due to the return of national lockdowns in Europe, and the prospect of president Biden, who will introduce measures to contain covid, with a big drop in US demand

[PS_RalphW]

WTI rebound has broken through $50, currently $50.76. Not sure what the current surge is from, may be just coving short positions. UK transport emissions are now back above pre-pandemic levels, as people abandon public transport in favour of cars, easily outweighing the savings from reduced aviation and a doubling of electric car sales.[

[PS_RalphW]

More Rocket and missile attacks on Saudi oil facilities sends Brent above 70 dollars for the first time since the pandemic. Saudis say they are in no hurry to increase production to pre pandemic levels because they don't see much competition from US shale producers ramping up any time soon. SA is back in control of global oil prices.

[kenneal - lagger]

I've just noticed that the oil price board isn't at the bottom of the page any more since we moved to the new format. Can anything be done about that, please?

[PS_RalphW]

It was pretty useless. I stopped looking at it a decade ago. The BBC news site has a reasonable page for Brent and WTI price data if you want simple front month price data. It is up 99% of the time and reasonably near real time. If you need more detailed analysis ask the Revd Tess.

[adam2]

Agree, and the BBC site gives a choice of Brent Crude, West Texas intermediate, and offers daily, monthly, anual and fiver yearly charts.

[kenneal - lagger]

OK. I'll try that.

[adam2]

Brent crude has now reached a 12 month high at about $72, and is not that far from the five year high of about $85.

Still only about half the all time high of about $140 reached some years ago.

[kenneal - lagger]

Brent crude has now reached a 12 month high at about $72, and is not that far from the five year high of about $85.

Still only about half the all time high of about $140 reached some years ago.

How about the price allowing for inflation. I bet that it's not far off the $140 on that basis.

[PS_RalphW]

Err, Ken, I think you got that back to front. $140 6 years ago would be more than $140 today

[adam2]

Indeed, oil would have to reach about $200 in todays inflated paper money to exceed in real terms the all time high of about $140 reached some years ago.
No great accuracy can be claimed as it depends on whose inflation rate is used.

[kenneal - lagger]

Der!!!!

[PS_RalphW]

Brent breaks $75. This is the highest for 3 years. Pound is relatively strong over the dollar, so the local price is not so high at the pumps yet.

[UndercoverElephant]

Petrol at 8 year high:

https://www.bbc.co.uk/news/business-58076604

Will prices continue rising?

It is hard to see prices falling anytime soon, said Mr Williams. Confidence is building that there will be a global economic recovery and as trade picks up that is increasing demand for oil.

But as demand outstrips supply, wholesale fuel prices are pushed up, which has a knock-on effect for motorists.

"While we're not past the pandemic by any means, demand for oil is likely to continue to increase as economic activity picks up again, and this is likely to have the effect of pushing up wholesale fuel prices, costs which retailers are bound to pass on at the pumps," Mr Williams said.

He warned that unless major oil-producing nations decide a new strategy to increase output, forecourt prices could climb even higher towards the end of the summer.

[kenneal - lagger]

Perhaps forecourts should go over to selling electricity instead or as well.