Wednesday 12 June 2019
Crude oil prices have opened with sharp losses this morning with both Brent and WTI around $1.60 a barrel down. A report released late last night by the Energy
Information Administration has cut the forecast for world oil demand growth for 2019 and this has stirred the market into a sell-off. The EIA is expected to release the weekly inventory report later and is this could show a further rise in U.S. crude oil reserves. In the gas markets, prompt prices are flat despite the UK gas system opening with a slight deficit of 7MCM. NBP futures have continued to soften in early trading with contracts around a half a penny down on last night's close.