Oil prices fell about 3 USD/barrel in the morning session on Thursday (June 2).
Brent crude was down $2.76, or 2.4%, at $113.53 a barrel, up 0.6% on the previous day. U.S. crude (WTI) fell $2.89, or 2.9%, to $112.37 a barrel, after gaining 0.5% on Wednesday.
Both oils have been on the rise for several weeks as Russian exports are being pressured by EU and US sanctions.
A stronger US dollar also lowers oil prices as it makes crude more expensive for holders of other currencies.
“Investors have taken profits ahead of the OPEC+ meeting and with the dollar higher,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Saito predicts the market will regain position after the meeting due to prolonged tight global supply and strong fuel demand in the US and Europe.
OPEC+ will continue to maintain its modest monthly increase in oil production.
Liquefied natural gas prices in the US increased by 7%
Liquefied natural gas prices in the US rose about 7% on Wednesday (June 1).
After falling about 7% on Tuesday, gas futures for July delivery rose 55.1 cents, or 6.8%, to $8,696 per million British thermal units (mmBtu).
U.S. gas futures are up about 134 percent so far this year, as much higher prices in Europe and Asia boost demand for U.S. liquefied natural gas (LNG) exports.
Data provider Refinitiv said average gas production in the US 48 states rose to 95.1 billion cubic feet per day (bcfd) in May from 94.5 bcfd in April. That number against a monthly record of 96.1 bcfd in December 2021.
The average amount of gas going to US LNG exporting plants rose to 12.5 bcfd in May from 12.2 bcfd in April. That compares to a monthly record of 12.9 bcfd in March.
Gas stocks in Northwest Europe – Belgium, France, Germany and the Netherlands are about 9% below the five-year average (2017-2021) for this time of year, down from 39% compared to five-year level in mid-March, according to Refinitiv.
T&G Import-Export Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 02473010868
Email: hrm@tginterjsc.com
Website: http://tgimportexport.com
