Rising prices in oil and natural gas, what drives the new rally

Rising prices in oil and natural gas, what drives the new rally
Rising prices in oil and natural gas, what drives the new rally

The developments in Russia as well as the new interest rate increase in the US, which is expected to be announced, are leading the upward rally in oil and natural gas prices today, after their significant retreat in the previous days.

Today, Brent is trading above $93 a barrel, up 2.85%, while US crude is also up 2.07% at $86.12 a barrel for November 2022 contracts.

Increase in natural gas

The prices of natural gas have increased by 1.88 this morning and are close to 179 euros per MW/h compared to yesterday when they had fallen to 177 euros per megawatt hour.

The stabilization of the price of natural gas has been decisively contributed by the adequacy that Europe gradually acquires as its gas storages show a capacity of around 86%, slightly above the five-year average.

Strong liquefied natural gas (LNG) imports, although at higher prices than last year, have helped the price fall from August highs.

However, today’s mobilization announced by the Russian president, as well as the nationalization of Uniper in Germany, are expected to affect oil and natural gas prices during the day.


The article is in Greek

Tags: Rising prices oil natural gas drives rally

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