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BRENT OIL, ENERGY COMMODITY
TBrent Oil (or Brent Crude) is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. It is extracted from the North Sea. Brent oil contracts in the ICE (Intercontinental Exchange) are quoted in US dollars. It is the benchmark used primarily in Europe though it is also mixed in with the OPEC Reference Basket which is used around the world. Brent blend makes up more than half of the world's globally traded supply of crude oil. Crude oil is the highest volume contract that is traded worldwide for a physical commodity.
HISTORIC HIGHS AND LOWS FOR BRENT OIL
- All-time records: Max:147.27 on 07/07/2008 - Min: 9.75 on 31/03/1986
- Last 12 months (March 2016-March 2017): Max: 55.21 on 03/01/2017 - Min: 26.08 on 11/02/2016
- Last 5 years (March 2011-March 2016): Max:112.21 on 28/08/2013 - Min: 26.08 on 11/02/2016
ASSETS THAT INFLUENCE BRENT OIL THE MOST
- Currencies: USD.
- Commodities: Natural Gas.
- Bonds: T-Bond (Treasury bond is a marketable, fixed-interest U.S. government debt security).
- Indices: BRENT Index (the cash settlement price for the Intercontinental Exchange (ICE) Brent Future based on ICE Futures Brent index at expiry) and WTI (West Texas Intermediate is a grade of crude oil used as a benchmark in oil pricing, the underlying commodity of NYMEX's oil futures contracts).
ORGANIZATIONS, PEOPLE AND ECONOMIC DATA THAT INFLUENCE BRENT OIL
Weekly crude inventories (that represent the supply of oil) are very closely watched by traders, in particular those reported by the EIA (Energy Information Administration) and the API (American Petroleum Institute).
On the other hand, an important indicator of underlying oil demand growth is the world GDP growth rates (in periods of recession, the consumption of oil tends to fall).
On how supply (inventories) and demand affect the price of oil, we recommend you to watch this short video.
In terms of influent people and organizations for the brent oil, we highlight:
- Jack Gerard, CEO of the American Petroleum Institute (API), the national trade association that represents all aspects of America’s oil and natural gas industry.
- Mohammad Sanusi Barkindo, OPEC’s Secretary General since August 2016. The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- US Oil & Gas Association, a trade association which “promotes the well-being of the oil and natural gas industries in the United States”.
- The President of Russia, Vladimir Putin, since Russia is a major oil producer.
FORECAST FOR 2017
In our annual forecast, Omkar Godbole outlines two scenarios. The bearish scenario forecasts that worst days are behind us, however, prices could fall back to $35-$40 range if the OPEC and non-OPEC deal falls apart. The bullish scenario implies that signs of a drop in OPEC output coupled with the lackluster response from shale producers could push oil prices beyond $60 a barrel.