Natural gas prices have been experiencing significant fluctuations due to various global factors. A decline in energy consumption in the US and Europe has put downward pressure on prices, while geopolitical tensions, particularly in the Middle East, have disrupted global trade and energy supplies. Additionally, Europe is grappling with the aftermath of an energy crisis triggered by the Russian invasion of Ukraine.
Oil prices have been trending lower recently, influenced by expectations of an increase in OPEC+ production from October. Also, signs of weak demand in major economies such as China and the United States have raised concerns about future consumption growth.
This year, the United States has increased its highest oil production. Rapidan Energy analysts estimate U.S. production will average 13.3 million barrels per day next year, up from the 2023 average of 13 million and above the current all-time record of 13.2 million reached in September. The rapid growth of oil production in the United…
Oil is the main raw material on the planet and what is now happening with this asset is comparable to a chess game of important political figures, which we wrote about in previous articles. After America made its move and lifted sanctions on Venezuela, which is one of the major players in the oil market,…
Oil rose along with stocks on Friday but remained lower for a third week in a row on rising concerns about global demand and the end of the war risk premium between Israel and Hamas. West Texas Intermediate crude rose steadily for most of Friday’s session and settled above $77 a barrel, up 1.9%. Financial…
The Financial Times writes that the World Trade Monitor study from the Bureau of Economic Analysis (CPB) of the Ministry of Economic Affairs and Climate Policy of the Netherlands showed that global trade volumes fell by a two-year maximum of 3.2% year on year in July 2023.The decline in turnover accelerated compared to 2.4% in…
Rumors about the introduction of a protective export duty on petroleum products and a number of statements by officials have cooled the situation in the fuel sector. The cost of petroleum products has been declining for the second day in a row. To further curb the rise in prices for petroleum products, the government is…
Oil prices should fall as a result of increased supplies from countries other than OPEC+ leaders such as Saudi Arabia and Russia, Citigroup Inc. said. While technical traders and geopolitical risks could push prices above $100 briefly, additional supply means “$90 prices look unsustainable,” analysts including Ed Morse wrote. This, in turn, should lead to…
After ten months of consistent decline, gas consumption in the EU countries in August increased by 6.5% year on year – to 17.5 billion cubic meters, as stated in the monthly report of the Gas Exporting Countries Forum (GECF). At the same time, from January to August, gas consumption in the EU decreased by 9.5%…
As expected, Saudi Arabia followed Russia and its decision to voluntarily cut oil production. The first reaction of the market to such changes was the rise of quotations above $90 per barrel. As a rule, in a not very stable world economy, such demand for news quickly fades away. But when a giant like Goldman…
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