Profit booking amid a complicated mix of reasons that included the most recent EIA report, riots in Libya, and growing tensions in the Middle East drove crude oil’s 2.15% spike, which it settled at 6071. According to the EIA Petroleum Status Report, U.S. crude stocks fell by 5.503 million barrels in the week ending December…
As tensions in the Middle East increased as a result of Houthi attacks on ships in the Red Sea, crude oil prices increased by 0.47% to close at 6163. Concerns over possible interruptions to oil supplies were raised by the circumstances. But Angola’s move to leave OPEC raised doubts about the organization’s capacity to sustain…
As geopolitical tensions in the Middle East escalate, especially in light of the Houthi attacks on ships in the Red Sea, crude oil prices saw a little increase of 0.11%, ultimately settling at 6174. This increase was fueled by mounting concerns about interruptions to global supply. The U.S. government intends to buy an extra 2.1…
The United States’ efforts to restock its Strategic Petroleum Reserve (SPR) helped drive up crude oil prices, which increased by 0.57% to close at $5969. With the intention of buying 3 million barrels of crude oil by March, the U.S. revealed plans to replenish the SPR until May. Despite worries about global economic growth and…
With mounting uncertainty regarding OPEC+ output cuts, crude oil saw a 1.97% decrease, closing at 6281. Fears of a drop in the demand for fuel were exacerbated by worries about China’s economic crisis. In response to declining oil prices and forecasts of a surplus in the upcoming year, the OPEC+ coalition decided to reduce its…
Due to predictions that OPEC+ would expand or intensify production restrictions, crude oil prices ended the day up 1.17% at 6488. Market anticipation has increased due to ongoing discussions within OPEC+ about the oil policy for 2024; there is no anticipated delay to the planned meeting on Thursday. Previous difficult OPEC+ production quota discussions, most…
Prices for natural gas fell by -1.16% to settle at 238.7. The main causes of this fall were record supply, high storage levels, and low demand. By mid-November, US petrol stockpiles were already 6% above average, and by November 17, they should be 7% above average. High natural gas output and milder winter temperatures, which…
The price of natural gas fell sharply by -3.25% to settle at 291.4, mostly due to record output levels and predictions of milder weather. Prices were further pressured by lower predictions for heating demand over the next two weeks. According to the EIA, US utilities increased the amount of gas they stored by 74 billion…
Natural gas prices significantly dropped in the previous session, falling by 4.1% to close at 245.8, mostly as a result of a number of market-affecting events. The main causes of this bearish trend were record-high natural gas production, warm weather, and a larger-than-expected storage build. US utilities added 97 billion cubic feet (bcf) of natural…
After a federal report confirmed a storage build in line with market expectations, natural gas had a sharp decline of -3.61%, settling at 218. U.S. utilities increased their gas storage by 64 billion cubic feet (bcf), closely matching the predicted 67 bcf increase, according to the EIA (U.S. Energy Information Administration). A 10-week low of…
