Eugen Weinberg

January 16, 2021

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The local oil price rose in the face of the development on the commodity and currency markets today to 29 cents. LEIPZIG. (Ceto) Also today, the crude oil prices have continued their upward trend. Throughout the day, prices grew almost a dollar, but then bounced off of resistors. In the afternoon, the barrel cost around 86 dollars US light oil (WTI), North Sea oil (Brent) was more than $1.50 more expensive.

US light oil is as expensive as for six months no longer. The recent rise is primarily indirect result of monetary policy of the Fed FED. You are pumping more money into the market, which weakens the dollar and pushing the flight of financial investors in oil. Even the U.S. inventories currently rather serve as justification for price increases, as that they are doing the opposite. Although they are 14 percent above the long-term average; the unexpected declines in gasoline and distillates let however once more into the background the fundamental situation. According to estimates by Commerzbank commodity analyst Eugen Weinberg would be actually justified price at $70.

The local oil price rose in the face of the development on the commodity and currency markets today to 29 cents. The price for 100 litres of fuel oil (EL) supplied a total of 3,000 litres is thus at 68,17 euros, which is slightly above the average of the preceding month of October from 68,05 euros. For comparison: a year ago the same amount cost 59,82 euros, before two years, however, 73,57 euro. The Ceto news ticker provides a daily assessment of the development of crude oil and heating oil prices as well as important messages to the energy market.






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