Caspian Energy Journal Caspian European Club
Friday, 14 September 2018 16:15

OPEC Reference Basket declines

OPEC Reference Basket declines

In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b, Caspian Energy News ( reports with reference to Monthly Oil Market Report September 2018.

Crude oil futures were also down for the month. Price declines were mainly due to worries that the ongoing global trade disputes would lower oil demand, strengthening US dollar, US stock builds and reported supply increases. ICE Brent was $1.11 lower at $73.84/b compared to the previous month, while NYMEX WTI was down $2.74 at $67.85/b and DME Oman dropped 24¢ to $72.67/b. However, year-to-date (y-t-d) ICE Brent was still $19.86 higher at $72.00/b, while NYMEX WTI increased by $17.12 to $66.42/b and DME Oman was up $18.70 at $69.55/b. The Brent-WTI spread widened to average $6.00/b. Speculative net long positions ended mixed, with those of NYMEX WTI lower.

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