Crude oil prices fell for a second consecutive day
01 April 2021
Gas prices for the coming days rise againForecast cooler weather for the beginning of April saw gas prices for the coming days rise again yesterday. The spot price eased marginally but day ahead was up by 1.80p as demand is expected to increase with wind generation falling further. The new front month contract for May gained 0.86p and Q3 was up by 0.58p but movement further out the curve was marginal.
Crude oil prices fell for a second consecutive day on Wednesday with Brent crude shedding 60 cents to settle at $63.54 and NYMEX crude shedding $1.40 to settle at $59.16 a barrel. The losses were readily associated with increasing Covid infection rates in Europe and elsewhere, which have led to fresh restrictions. The greater loss in the U.S. benchmark, West Texas Intermediate, were more difficult to reconcile with easing of restrictions in many parts of the States and a bullish weekly inventory report which showed a big draw on gasoline and distillate stocks last week, even as refining activity increased ahead of the Easter holiday and the summer driving season.
The market remained bearish in light of new restrictions