INSUBCONTINENT EXCLUSIVE:
Oil prices rose nearly 2% on Thursday, January 2, as the U.S
Department of Energy (DoE) released its weekly inventory report
This report had a significant impact on market behavior, prompting traders to closely monitor the situation.The disruption of Russian
natural gas supplies through Ukraine to European clients has raised concerns
Such interruptions are expected to drive hydrocarbon prices higher in Europe.On the New York Mercantile Exchange (Nymex), February WTI crude
oil futures increased by 1.97%, or $1.41, closing at $73.13 per barrel
Meanwhile, March Brent crude traded on the Intercontinental Exchange (ICE) rose by 1.73%, or $1.29, finishing at $75.93 per
supportive DoE report.The overall petroleum complex begins the year strongly, with enough momentum to push WTI slightly above $74 before
this latest surge loses steam
According to Bloomberg, President Joe Biden plans to issue a decree.Oil Prices Surge Nearly 2% Amid U.S
Inventory and European Gas Supply Disruptions
(Photo Internet reproduction)The decree will permanently ban new offshore oil and gas developments in certain U.S
This action will create enduring protections for sensitive marine areas during his final weeks in office.Energy and Economic
ChallengesUkraine halted Russian gas supplies after a pre-war transit agreement expired at the end of last year
Europe than in the U.S., as noted by Capital Economics
Consequently, natural gas prices in Europe reached their highest level since October 2023.On the demand side, Chinese President Xi Jinping
speech, he stated that current economic operations encounter new situations and uncertainties from external environments but emphasized that
hard work could address these issues effectively.
