Crude oil prices extend losses in worst year since 2008

Wednesday, December 31, 2014

Crude oil prices extended losses in early trade this morning as Brent front month futures retreated below $57 per barrel while WTI front month futures slid lower towards $53 per barrel. Crude oil prices are heading for their worst year since 2008 due to bearish global oil fundamentals as crude oil inventories continue to increase while we experience significant slowdown of oil demand worldwide. The last weekly DOE oil inventories report of 2014 will be released this afternoon. According to a Bloomberg survey, crude oil stocks are expected to have increased by 133,000 barrels for the week ending 26th December 2014. Gasoline stocks are estimated to have increased by 1.67 million barrels and distillate stocks are expected to have surged by 1.69 million barrels.

WTI futures plunged in 2014, retreating from $101.18 in June down to $53.60 in December

CLG5 Comdty (WTI CRUDE FUTURE  F 2014-12-31 09-05-56

Brent futures retreated over 48% in 2014 to retest $57/barrel

COG5 Comdty (BRENT CRUDE FUTR  F 2014-12-31 09-08-58

European equity markets trade fairly mixed in early trade during the last trading session of the year. The CAC, IBEX and London equity benchmark index edged higher and posted fresh gains this morning, while the German stock exchange remained closed.

The euro continues to remain under pressure hovering around 1.215 against the USD due to renewed concerns regarding Eurozone’s prospects in 2015. The political uncertainty in Greece with the upcoming elections on 25th January 2015 has triggered renewed worries regarding the economic stability of the Eurozone as well as the European currency future.  

EURUSD - The Euro remained under pressure in 2014 heading towards 1.20 

EURUSD Curncy (EUR-USD X-RATE)   2014-12-31 09-10-39

Gold hovered around the key area of $1,200 as the yellow metal has retained its place as a safe-haven investment in 2014 especially after the sharp sell-off in the global equity markets.

Gold- It was a fairly volatile year for the yellow metal

XAU Curncy (Gold Spot   $_Oz )  D 2014-12-31 09-13-36

Happy New Year!!!


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