December 2018 - Portland Fuel

Monthly Pricing - 01/12/2018

Following demand concerns as a result of a global equities slump, November saw a steep drop in Brent Crude prices, falling $15/bbl across the month to $58/bbl.

GBP’s optimistic start to November, following the initial Brexit financial services deal, was allayed by Raab’s resignation, sending rates back down to 1.274 vs USD.

November saw the biggest one-day movement in UK diesel prices since the 2008 financial crisis, with daily settlement prices moving over 2.10 pence per litre.

Price Drivers

Supply OPEC likely to declare cuts with support from Russia. US production hits another record high of 11.7mbpd.

Demand EIA report US stock builds for 10 consecutive weeks. Weak EU & Asian markets signal slow global growth.

Geo-Political G20 talks could give outcome to US-China trade war. British government in turmoil following Brexit deal.