The future of oil has ended at a multi-year high as Russia’s proposal to increase its natural-gas supply could be caught

Oil funds reached a fresh multi-year high on Tuesday in a report that could catch Russia’s offer to increase natural-gas supplies to Europe.

Gazprom and the Kremlin reported on Tuesday, citing people close to the state gas giant, Bloomberg reported Tuesday. The disputed pipeline could run natural gas from Russia to the European Union, but awaiting regulatory approval.

Russia does not appear to be increasing its natural gas shipments to Europe, Phil Flynn, a senior market analyst at The Future Group, told MarketWatch. Russia, however, has widely said it has fulfilled its contractual obligations to supply natural gas to Europe.

Flynn said the Russians were in no hurry to comply with the EU’s demands. “Europe has decided to play Russian roulette [by] Rely on Russia as a reliable supplier of natural gas, and now it seems they are lost.

“Europe has decided to play Russian roulette [by] Rely on Russia as a reliable supplier of natural gas, and now it seems they are lost.

– Phil Flynn, The Futures Group

West Texas Intermediate Crude CLX21, for November delivery
+ 0.53%
According to Dow Jones market data, the New York Mercantile Exchange rose 52 cents, or 0.6%, to $ 82.96 a barrel, the highest level since October 13, 2014. The contract expires at the end of Wednesday’s trading session. December WTI CL00,
+ 0.72%

+ 0.72%,
The most actively traded contract, adding 75 cents or 0.9%, to 82.44 a barrel.

December Brent Crude BRN00,

Global Benchmark, ICE Futures Europe .05.08 ব্য per barrel, up 755 cents or 0.9%, the highest since October 3, 201. High intraday, but back to finish a little low.

“Any shortage of natural gas will definitely lead to unrefined demand,” said Edward Moya, senior market analyst at Wonder. However, “Russia has always been known for its posture.”

Views: The high price of natural gas could turn to oil as a source of electricity

November NGX21, natural gas
+ 1.74%
British thermal units per million settled at 0 5,088, up 2%. Prices fell early Tuesday after losing 7. %% on Monday.

Views: Why U.S. consumers will pay more for natural gas this winter

Commercial Bank analyst Carsten Fritch said supplies were expected to remain tight on Tuesday amid Brent crude expectations. A Reuters report on Monday said OPEC + countries had complied with an 115% output cut in September, showing that members were fighting to meet targets to ease production bans at 400,000 barrels a month in increments earlier this year.

Read: The stock market could soon see why oil prices could soar.

Even if OPEC + achieves its targets, it will not be enough to bridge the gap between supply and demand, Fritsch said.

Nevertheless, “soft economic data from China and the United States emphasize the demand outlook for weeks and months, as weak demand will at least partially offset the deepening leg.” [supply] Deficits in the physical market, ”analysts at Sevens Report Research wrote in Tuesday’s newsletter.

U.S. industrial production fell sharply by 1.3% in September, the Federal Reserve said Monday. Meanwhile, GDP data on Monday showed that China’s economy grew 4.9% in the third quarter compared to a year earlier, down from 7.9% in the second quarter.

Analysts at Sevens Report said, “The bottom line for oil is that futures have risen for the eighth straight week and the price is technically lower than $ 80 with WTI. The dominant trend in the energy market is still bullish.”

For Brent, the resistance amount is $ 87 “, DTN told MarketWatch.

The oil market is waiting for weekly data on petroleum supplies, with official data available from the Energy Information Administration on Wednesday.

On average, analysts expect the US. According to a survey conducted by S&P Global Platts, crude supplies will increase by 2 million barrels in the week ending October 15. They forecast a weekly inventory reduction of 2.2 million barrels for gasoline and 2.4 million barrels for distillate.

Nymex Tuesday, November Petrol RBX21,
About 0.5% lost $ 2,476 a gallon, when the November heating oil HOX21,
+ 0.24%
About 0.5% to $ 2.561 a gallon tacked.

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