Demostenes Floros | abo.net
Between ups and downs, the month of August has seen a re-balancing of oil markets, with the main qualities on a downward trend, OECD stocks dropping, and the Russians and Chinese showing their hand for their next energy moves
In August, Brent North Sea quality opened at $51.52/b and closed at $52.85/b, while West Texas Intermediate price reduced, moving from $49.03/b to $47.11/b. At the time of writing, Brent crude was quoting at $54.02/b, while WTI was trading at $49.12/b.
During the first part of the month, both the European and Asian benchmark and the American reference were quite stable. In particular, on August 9th, Brent quoted at $52.76/b because the futures related to this quality returned in backwardation, while WTI reached its monthly high at $49.81/b.