Crude oil Prices, markets & analysis
The ICIS World Crude Report (formerly London Oil Report) is one of the oldest crude oil pricing publications of its kind, providing market players with independent prices and news for over 25 years.
The report’s robust data sets are trusted within the industry and used by key players in the markets who employ the price assessments and indices in their contracts and deals.
The World Crude Report gives readers reliable information daily in one concise report.
Use ICIS information to:
- Access the latest price assessments to use in contracts and deals
- Master the key price drivers and fluctuations
- Develop internal analytical models
- Cross-check if your deals are in consensus with the market
Crude Global Transcript
I’m Tony Dilllon, I head up the ICIS world crude reporting team.
From our offices in Singapore, London and Houston we provide round the world coverage on the oil markets.
We monitor the futures exchanges of the Nymex, ICE futures and the Dubai mercantile and track price movements during the day.
We give commentary on what drives these prices whether it be global economic data from the power house US and Chinese economies, the strength of the US Dollar in the currency markets, supply and demand data like the weekly US stock data and any other various geo-political factors which could change the price of the oil during the day.
We also monitor the physical markets in the main regions of the world, the Asia Pacific, Arab Gulf, North Sea, CIS, Mediterranean, West Africa, the Americas.
We talk to our extensive list of contacts throughout the industry every day, finding out who is buying, who is selling, what the latest prices are, deals done, the bids, the offers, and then asses the major traded grades in each region every day.
As well as this, we provide other data that traders find essential, the supply programs, the disruptions to supply, official prices, all sorts of things that make our report necessary for every trader.
Crude oil news and market information products from ICIS
We offer the following regional Crude oil coverage to keep you informed of factors and developments affecting prices in the Global Crude oil marketplace.
Price Reporting – More information about the price reports we publish on Crude oil
Independent price assessments and market coverage
Price History – More information about the historical price data we publish on Gas
Track historical price data
News & analysis
News & Analysis - News & market analysis specifically relating to Crude oil
Breaking news of latest developments affecting the markets.
Insight and analysis of factors driving prices.
Updated to Q2 2015
Having lost some ground in late March, crude prices rose steadily during April and have remained relatively stable through May and June with Brent holding around the $63.00/bbl mark and the NYMEX around $60.00/bbl.
The relative strength of the US dollar in the currency markets, plus the ebb and flow of global economic data was still as much the main market mover as genuine supply and demand factors.
The Greek debt crisis and whether Greece would be able to strike a deal with its creditors to enable it to remain in the eurozone continued to be a major influence on global currency markets.
Despite the lower price levels being maintained by OPEC’s insistence at its June meeting not to cut production levels in order to maintain market share, US domestic production continues to climb. Many future projects have been put on hold with a drastic cut in the number of active drilling rigs, but there is still talk of the US having to authorise a new rule on the export of crude to alleviate its over-supply.
However, while US stocks built at a steady rate during the January through April period, the weekly stock data from the Energy Information Administration (EIA) has shown a steady decline through May and June.
Little of this gave any comfort to sellers of light Nigerian grades, who have been shunned by their traditional buyers on the US East and Gulf coasts. For some time they were able to rely on a steep contango structure to the futures markets to fund holding the oil in floating storage, but the economics of this are no longer as obvious and cargoes are now being steadily unloaded into Asian purchase tenders or sold to buyers in the Mediterranean.
Libya continues to be a political mess with two governments trying to gain control of the country, but both failing miserably. There are far too many factions fighting for their own benefit to get any real coalition to try to get the country back on its feet. In the meantime, crude production and exports continue to ebb and flow. By the end of the second quarter, it looked like production could average around 450,000-500,000 bbl/day. However, this was well below its theoretical capacity of around 1.6m bbl/day.
Following the agreement between the Iraqi government in Baghdad and the Kurds in the north, exports of Iraqi Kirkuk via the Turkish export terminal of Ceyhan have continued to build and were up to around 650,000 bbl/day in April, however, they had declined again by late June. This was partly due to claims by the Kurds that they were not receiving their due share of the proceeds and loadings from Ceyhan were now subject to serious delays.
The talks on the Iranian nuclear programme remain ongoing with optimism that a deal can still finally be reached. However, this will undoubtedly result in the lifting of sanctions, which could put another 1m bbl/day into the already oversupplied market, with the obvious consequence on prices.
The ICIS World Crude Report delivers in-depth information on the global oil trade, giving subscribers insight to a wide range of crude grades across the global markets.
ICIS World Crude Report provides:
- Expert pricing and market information for 7 global regions: Asia-Pacific, Arab Gulf, North Sea, CIS, Mediterranean, West Africa and the Americas
- The latest price assessments for a selection of crudes in each region, including Brent and WTI
- Analytical graphs and charts, enabling easy comparison between key grades of crude
- Market commentary, solely focused on trading and issues affecting prices
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Crude oil. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
Our time series of pricing data enable you to build and model trends, to get a view of where markets might be heading. The data service includes charting functionality, allowing you to chart and download multiple data series for manipulation in your own internal models. You can also export data to Excel via the ICIS dashboard service.
Crude consultation information - for more details please visit the Compliance and Methodology Centre
ICIS price assessments are based on information gathered from a wide cross-section of the market, comprising consumers, producers, traders and distributors from more than 250 reporters world-wide. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments.
Our in-depth market knowledge drives our specialist focus, as we recognise the importance of individual market dynamics and not a one-size-fits-all approach.
Over 25 years of reporting on key chemicals markets, including Crude oil, has brought global recognition of our methodology as being unbiased, authoritative and rigorous in preserving our editorial integrity. Our global network of reporters in Houston, London, Singapore, Shanghai, Guangzhou, Mumbai, Perth and Moscow ensures unrivalled coverage of established and emerging markets.