Tough Winter Keeps Brent Crude Higher

Using the shell cards for business fuel requirements makes us wonder as to how the Brent Crude Index continues to be above $118 a barrel while the NYMEX crude index is hovering at $99 a barrel. It was brought to our attention that Brent has maintained an upward trend on oil prices in London on account of an increased oil demand in Europe. This has been directly attributed to the harsh winter conditions that are currently prevalent in most of the European countries.

Due to an increased intensity of winter winds and severe dip in mercury across the European countries, the oil demand peaks due to an increased demand in energy across business and residential establishments. Brent’s trend would seem to continue thus far in London, while the US pricing of crude oil will continue to be under pressure for some time. The supply pressure in the US is palpable as more and more oil supply finds its way in the market from Canadian oil firms. As per analysts across the Atlantic, there is a considerable supply pressure to cope over the next few weeks, and US crude pricing is likely to be trading in a narrow range unless the next event-related move happens in future.