Oil is depreciating. Gas prices are falling
Oil continues to trade with slight losses, while a new downturn in industrial activity in China has increased fears of a reduction in demand. However, for the first time since October, “black gold” is going to close the month with growth.
West Texas Intermediate (WTI) traded in New York depreciates 0.50% to $87.46/bbl, remaining below $88/bbl. North Sea Brent oil, the benchmark for European imports, fell 0.54% to 95.25. dollars per barrel.
On a monthly basis, oil is up 9% this month following the OOrganization of the Petroleum Exporting Countries and their Allies (OPEC+) reduce oil production by two million barrels per day. The measure will take effect in November.
The price of natural gas contracts concluded in Amsterdam (TTF), which serves as a benchmark for the European market, falls by 4.95% to 132.415 euros per MWh after two consecutive days of growth. This drop is aided by above-average temperatures for this time of year, which has delayed the need for heating, allowing stockpiles of this raw material to increase.
However, the CEO of the Italian energy giant Eni SpA, Claudio Descalzi, warns that the recent fall in natural gas prices may not last long. “This is a temporary situation. We will have problems in 2023 because we will not have Russian gas in 2023,” he said in Abu Dhabi, according to Bloomberg.
