July 2019 - Portland Fuel

Monthly Pricing - 01/07/2019

Brent Crude slumped to $59/bbl in June, reaching a five-month low over declining global oil demand, however the US/Iran conflict pushed the price back up to $66/bbl.

GBP was volatile against USD throughout June, hitting a high of 1.2757 and low of 1.2542, as Boris Johnson secured most votes in the Conservative Party leadership contest.

Tensions escalated between the US and Iran, after the US blamed Iran for attacking tankers near the Strait of Hormuz and Iran shot down a US surveillance drone.

Price Drivers

Supply PES, the US East Coast’s largest oil refinery to close. IEA estimates oil supply will exceed demand in 2020.

Demand IEA cut oil demand growth to 1.2 million bpd for 2019. US crude stocks fell to 12.8m barrels, biggest drop in 3 years.

Geo-Political OPEC+ agreed to hold its official meeting on 1-2 July. US recalls plan to impose tariffs on Mexican goods.