Oil like a swing. When is it worth refueling?

ter was one of the weakest days of the whole month for the oil market, during the session the black gold corrected by more than 6%, when the barrel of WTI oil fell to the $90 mark. Thus Severomosk brent oil broke the growth trend of the last few days and again fell below the USD 100 per barrel mark. Again, the fear of an economic slowdown, which would significantly weaken the demand for oil, weighed against rising oil prices. Fears about the OPEC+ cartel’s oil production cuts, which were the cause of the sharp rise in oil prices last week, disappeared from the market. The OPEC+ countries should meet on Monday, and on the agenda of the day there will be no limit on oil production. That may change in the future. In the following weeks, the agreement between the USA and Iran regarding nuclear weapons (Iran nuclear deal) should be announced. According to the report, the return of Russian production to the markets in full could send oil prices down.

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The rising oil prices of the last few days were quickly reflected in the prices at our gas stations. The average price per liter of gasoline is now 40.51 K and for diesel 44.97 K. Compared to the August minimum, gasoline has risen by 21 kroner and diesel by even 2 crowns and 68 kroner per liter. First of all, is diesel so healthy? In addition to the still very strong demand, compared to gasoline, diesel is taxed less, so it reacts much more sensitively to the health of oil on the market. The public correction on the oil market is understandably not yet reflected in the prices of fuel. We’ve already gotten used to the fact that health care at gas stations is much faster and cheaper. Thanks to the positive outlook on oil prices, however, we can expect a slight correction in fuel prices again in the coming days. If you don’t have to refuel urgently, it might be worth going to check out the day before. This applies especially to diesel.

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Petr Lajsek

I have been active in the financial markets since 2014. Like many investors, I started trading forex based on technical analysis, and gradually expanded my horizons to trading commodities, crypto-currency and long-term investments in shares and ETF funds. In my career so far, I have worked as a chief analyst and macroeconomist, securities trader and investment analyst in a private equity fund. I am talking to you about my experience in fundamental and technical analysis and my ability to analyze the effects of current macroeconomic trends on the world’s financial markets.

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The article is in Czech

Tags: Oil swing worth refueling

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