Oil prices at $85 – Fuel 43rd week


In the 43rd week (October 23 – October 30), fuel prices in Slovakia began to gradually converge. The prices of 95-octane gasoline rose by 2.68% compared to the previous week, i.e. by EUR 0.043/liter to EUR 1.649/liter. Conversely, diesel prices fell by 0.47%, i.e. by €0.008/l to a price of €1.669/l. At the end of the 43rd week, crude oil prices closed at $90.48 per barrel of Brent crude, representing a week-on-week decrease of 1.82%. At the time of writing, oil prices are 5.3% lower at $85.68/barrel.Source: Weekly Oil Bulletin EU, Yahoo Finance

In the Czech Republic, the average price of gasoline was CZK 38.84/lwhich represents a decrease of 25.3 pennies, i.e. 0.65%. Diesel prices in the Czech Republic also fellbut slightly less than in Slovakia, by 0.33% to 39.5 CZK/l, which represents a decrease of 13.3 pennies. The Czech koruna also fell slightly this week, but in connection with the meeting of the bank board and the decision to keep interest rates in effect, the Czech koruna started to strengthen, which could contribute to the drop in fuel prices next week.Source: Weekly Oil Bulletin EU, Yahoo Finance

The increase in gasoline prices in Slovakia is likely due to an increase in refining margins, which were almost at zero in the 42-week period, given that we do not see any other catalyst in the market to support price growth. Diesel fuel mainly reacted to wholesale prices, which fell in the past week.

Oil prices started to fall this week despite the start of the ground invasion in the Gaza Strip. Investors no longer see such risk in the Middle East and are focusing on the current state of demand, which will be lower as the winter months approach. However, the World Bank warns of a possible escalation and estimates that, in the worst case, oil prices could very quickly reach $140 to $157 per barrel. However, he also expects a scenario where prices will continue to fall due to lower demand. Forecasts for the end of the year are currently at $81.

Wholesale prices in Rotterdam also fell slightly this week, which is only minimally reflected in the prices. The fuel market will therefore continue to wait for the development of demand in the coming weeks, which will determine the prices in the following weeks. For now, we are witnessing stabilization on the market with prices at the level of €1.64-1.66/l.

Fuel prices in Poland increased significantly after the elections and began to return to European levels, reaching above €1.4/l. Thus, in the last three weeks, Poland has jumped to the fourth place of the cheapest gasoline in the EU, while before these weeks it was still in the first place. The Czech Republic is in 10th place, up from 11th the previous week, and Slovakia has moved up one place to 13th.

6998fdf351.jpgSource: Weekly Oil Bulletin EU, Yahoo Finance

However, diesel prices in Slovakia have already fallen slightly more than in other countries, moving them up one place to 10th place. The Czech Republic, on the other hand, moved up one place in the ranking of diesel prices, to 7th place.

ac1e8d3403.jpgSource: Weekly Oil Bulletin EU, Yahoo Finance


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The article is in Czech

Tags: Oil prices Fuel #43rd week


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