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Jul 31 2012
Brent Crude: An Insight

Brent Crude is primarily used to produce petroleum products which are refined in Northwestern Europe. This energy commodity is mainly produced from North Sea, which is further refined in U.K, Norway, Denmark, Netherlands and Germany. Brent Crude is the second highest traded energy commodity in the commodity market. Going back to the trading history of Brent Crude, this energy commodity was traded in ‘International Petroleum Exchange’ (IPE) till 2005 and afterwards traded on ‘Intercontinental Exchange’ (ICE).

Basically, Brent Crude is the commodity that generally has negative correlation with USD and this is the commodity having influence over prices of more than 60% of internationally traded crude oil.

In international markets on 31st of July, 2012, the opening price of Brent Crude is $105.15/barrel and the day-low and day-high prices are $104.89/barrel and $105.42/barrel respectively. Similarly, the change in the price is -$.17 and by -0.16% (NST 12.00). The lowest and highest Brent Crude price for last 52 weeks can be observed as $89.11/barrel and $123.29/barrel respectively.

On 31st of July, 2012 till 12.00 noon, NST, the bid and ask price of Brent Crude on the trading platform of MEX Nepal Ltd. were at Rs.7947.75/barrel and Rs. 7950.00/barrel respectively. Similarly, the high and low prices for this commodity were Rs.7983.00/barrel Rs.7933.00/barrel respectively (As on 11.49.48, NST).

In contemporary international market, as all the investors are keeping a close eye on U.S, China and Euro-zone central banks expected economic reforms, the demand for the oil is expected to rise in these regions with rise in economic activities, subsequently the demand and consequently the price of Brent Crude is also expected to rise in the days ahead. According to the Intercontinental Exchange Inc.’s Weekly Commitment of Traders report, published on Monday, money managers, including hedge funds, held a *net long position of 77,510 contracts in the week ended July 24, down 1.5% from the week before.

*Net long position is the difference between total long/buy position and Short/sell positions held at a time for a commodity.

Note: The blog is just an expression of the author’s opinion and cannot be deemed responsible for any losses incurred.

Posted by Mex R&D at 31/7/2012 12:21:42 PM

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