Oil prices extended their gains on Thursday (March 3), with Brent rising above $118 a barrel on supply disruptions over crisis issues between Russia and Ukraine, while US crude inventories fell. the lowest level in many years.
Brent crude oil futures rose to $118.22 a barrel, the highest since February 2013. U.S. crude hit an 11-year high of $114.70 a barrel, up $2.41, or $2.20 a barrel. ,2%.
Australia’s ANZ has raised its short-term oil price forecast to $125 per barrel, as supply shortages could deepen.
According to the International Energy Agency, Russia is the world’s number three oil producer and the largest exporter of oil to the global market. The agency said that Russia’s exports of crude oil and oil products reached 7.8 million bpd in December.
The Organization of the Petroleum Exporting Countries and its allies, OPEC+, decided to maintain production by 400,000 bpd in March.
Meanwhile, US oil inventories continued to decline. Oil inventories at Cushing, Oklahoma are at their lowest level since 2018, while US strategic inventories fell to a near 20-year low.
Natural gas prices in the US increased by 4%
U.S. natural gas prices rose about 4% to near a four-week high on Wednesday, as higher global oil and gas prices, as the Russia-Ukraine conflict escalated, stoked source concerns. energy supply.
Russia, the world’s second-largest gas producer, typically supplies between 30% and 40% of Europe’s gas, with a total output of about 16.3 billion cubic feet per day (bcfd) in 2021.
Gas futures rose 18.9 cents, or 4.1 percent, to $4,762 per million British thermal units (mmBtu), the highest close since February 3.
Data provider Refinitiv said average gas production in the 48 US states was on track to rise to 93.2 bcfd in March from 92.5 bcfd in February, as more oil and gas wells reopened. after freezing earlier this year. That compares to a monthly record of 96.2 bcfd in December.
With warmer weather ahead, Refinitiv forecasts average US gas demand, including exports, to fall from 122.2 bcfd this week to 108.1 bcfd next week.
Gas arrivals at U.S. LNG export plants fell from a record 12.44 bcfd in January to 12.43 bcfd in February and 11.73 bcfd so far in March.
Traders say demand for US LNG will remain at or near record levels, as companies around the world compete for the commodity to meet rising demand in Asia and replenish cargoes. Low inventories in Europe.
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