Natural gas ended the week at 133.3, a minor decrease of -0.22%, as the market was influenced by near-record output and a smaller-than-expected storage removal the previous week. Because warmer-than-normal weather suppressed heating demand, U.S. utilities removed 49 billion cubic feet of natural gas from storage, falling short of market estimates of a 67 bcf…
The mild winter weather, recent disruptions at LNG export plants, and a surge in production all contributed to the decline in natural gas prices, which closed at 151, down -1.82%. Analysts predict that due to the difficult market conditions, some producers may reduce their gas drilling operations. According to Baker Hughes, the number of gas…
Wednesday saw a slight increase in oil prices as expectations for growth in US oil output to be mostly stable through 2025 allayed concerns about an oversupply. U.S. West Texas Intermediate crude increased 41 cents, or 0.6%, to $73.72, while Brent crude futures increased 38 cents, or 0.5%, to $78.97 a barrel. On Monday, both…
The International Monetary Fund’s optimistic growth projection for the global economy in 2024 was met with strong performance from crude oil, which ended up 1.23% at 6478. Fears about the implications for the biggest user of crude oil in the world were stoked by this event. Regarding supply, for the most of 2023, Iran was…
A combination of factors boosting market optimism caused crude oil prices to close 0.28% higher at 6399. The market was infused with liquidity and hopes of an economic revival were reinforced by China’s recent stimulus announcements, especially the lowering of the reserve requirement for banks. One of the main factors driving the rising demand for…
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…
