It blamed problems with a turbine, and the news raised new questions about Europe’s ability to meet gas demand for the winter. Russian state-owned energy producer Gazprom said natural-gas exports through the vital Nord Stream pipeline to Germany would drop to 20% of the pipe’s capacity, down from the current 40% of capacity, The Wall Street Journal reported Monday. Over in Europe, prices for Dutch TTF gas futures climbed by nearly 12% to 179 euros per megawatt-hour. has helped to boost demand for the commodity as a power source, analysts said. Hotter-than-usual weather throughout much of the U.S. Natural gas rallyĪmong energy futures, natural gas was a standout, climbing by over 5% on Nymex Monday. on Saturday said crude-oil production was approaching 1 million barrels a day and could soon reach 1.2 million barrels a day. On the supply front, Libya’s National Oil Corp. Although the deputy prime minister had previously said that Russia would not supply oil if the cap was set below production costs,” Patterson said. ![]() “The governor of Russia’s central bank has said that Russia would not supply crude oil to any country which caps prices. Treasury Secretary Janet Yellen has been advocating a plan that would cap the price paid for Russian oil in an effort to boost pressure on Moscow in response to the invasion of Ukraine. That phenomenon in Brent is largely driven by expectations that “plans for a price cap on Russian oil may have the opposite effect on oil prices than hoped for,” said Warren Patterson, head of commodities strategy at ING, in a note. Still, the futures market continues to signal tight crude supplies, with nearby contracts trading at a significant premium to later contracts. Rising inventories for gasoline have weighed on crude, signaling that a previous jump to record prices had served to curtail demand. employment data are due out Friday.īoth events are going to give the market “more info about oil demand and sentiment,” said Aslam. jobs report, Naeem Aslam, chief market analyst at AvaTrade, told MarketWatch. Oil prices are going to remain volatile this week with two major upcoming events: the Fed meeting and the U.S. A guide to where the economy might go from here ![]() Read: The Fed could get lucky or things might go wrong. Investors worry the Fed’s aggressive tightening, an effort to rein in inflation running at its hottest in more than 40 years, could push the economy into recession. The Federal Reserve is expected to deliver another 75 basis point rise in the fed-funds rate when it completes a two-day meeting on Wednesday. Oil futures have retreated sharply in July, with pressure tied in part to fears that a sharp economic slowdown may be in the offing that would undercut demand. Gained 5.2% to $8.727 per million British thermal units, with front-month prices at their highest finish since June 10, according to Dow Jones Market Data. Rose 4.9% to $3.382 a gallon, while August heating oil The most actively traded contract, added $1.81, or 1.8%, at $100.19 a barrel. ![]() ![]() The global benchmark, rose $1.95, or 1.9%, to $105.15 a barrel on ICE Futures Europe. Rose $2, or 2.1%, to settle at $96.70 a barrel on the New York Mercantile Exchange. West Texas Intermediate crude for September delivery
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