Showing posts from January 7, 2024

Oil prices to remain static in 2024 - and beyond : EIA

  Oil and gas prices - January, 2024 As the energy markets attempt to limping back to normal after a long period of holidays, the prices of commodity did not show any sign of revival. On the contrary, the prices of WTI, Brent and LNG, liquified natural gas, recorded losses by 3.4%, 2.99% and 0.075% respectively in the first week of the New Year. Despite the plummeting temperatures in Europe and America, the price of natural gas did not spike as anticipated during this week either.  As the Europeans took timely precautions against harsh winter months, the fear of gas shortages has just disappeared into the thin air. Germany, for instance, managed to fill its reserves to an unprecedented 91%, according to media reports.  Analysts believe that the downward pressure on the commodities come in the form of weakening global demand, increased US crude stocks, warmer-than-expected winter during the last three months in 2023 and of course, the tightening sanctions against Russian oil and gas by

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