Crude Oil Prices Rose As Investors Anticipated Tighter Supplies.
Crude oil prices surged by 1.96% yesterday, settling at 6909, driven by investor anticipation of tighter supplies amidst expectations that the OPEC+ producer alliance would maintain current production cuts. Geopolitical tensions added to market apprehensions, raising concerns about potential supply disruptions. However, OPEC+ is unlikely to alter its oil output policy until a comprehensive ministerial meeting scheduled for June. The IEA revised its demand forecast upward for the fourth time since November, while also tightening its supply outlook due to ongoing disruptions in Red Sea shipping.
Crude Oil Prices Rose As Investors Anticipated Tighter Supplies.
Crude oil prices surged by 1.96% yesterday, settling at 6909, driven by investor anticipation of tighter supplies amidst expectations that the OPEC+ producer alliance would maintain current production cuts. Geopolitical tensions added to market apprehensions, raising concerns about potential supply disruptions. However, OPEC+ is unlikely to alter its oil output policy until a comprehensive ministerial meeting scheduled for June. The IEA revised its demand forecast upward for the fourth time since November, while also tightening its supply outlook due to ongoing disruptions in Red Sea shipping.
Dollar steady as inflation data boosts June rate cut bets; yen in focus.
The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention.
The personal consumption expenditures (PCE) price index rose 0.3% in February, the Commerce Department’s Bureau of Economic Analysis said on Friday, compared with the 0.4% rise that economists polled by Reuters had forecast.
Crude Oil Prices Rose As Investors Anticipated Tighter Supplies.
Crude oil prices surged by 1.96% yesterday, settling at 6909, driven by investor anticipation of tighter supplies amidst expectations that the OPEC+ producer alliance would maintain current production cuts. Geopolitical tensions added to market apprehensions, raising concerns about potential supply disruptions. However, OPEC+ is unlikely to alter its oil output policy until a comprehensive ministerial meeting scheduled for June. The IEA revised its demand forecast upward for the fourth time since November, while also tightening its supply outlook due to ongoing disruptions in Red Sea shipping.
Crude Oil Prices Rose As Investors Anticipated Tighter Supplies.
Crude oil prices surged by 1.96% yesterday, settling at 6909, driven by investor anticipation of tighter supplies amidst expectations that the OPEC+ producer alliance would maintain current production cuts. Geopolitical tensions added to market apprehensions, raising concerns about potential supply disruptions. However, OPEC+ is unlikely to alter its oil output policy until a comprehensive ministerial meeting scheduled for June. The IEA revised its demand forecast upward for the fourth time since November, while also tightening its supply outlook due to ongoing disruptions in Red Sea shipping.
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Dollar steady as inflation data boosts June rate cut bets; yen in focus.
The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention.
The personal consumption expenditures (PCE) price index rose 0.3% in February, the Commerce Department’s Bureau of Economic Analysis said on Friday, compared with the 0.4% rise that economists polled by Reuters had forecast.
Natural Gas Rose On Forecasts For Higher Demand Over The Next Two Weeks
Natural gas prices saw a notable uptick of 1.45%, settling at 146.5, driven by forecasts of higher demand over the next two weeks. This increase in demand comes amidst a backdrop of reduced output, with several energy firms scaling back drilling activities and delaying well completions, leading to a 3% decrease in output over the past month. In addition to supply-side dynamics, the spot market witnessed mild weather conditions and ample renewable power supplies in the US West, contributing to record-low electric prices in California and Arizona. Despite these favourable conditions, US utilities withdrew 36 billion cubic feet (bcf) of gas from storage during the week ended March 22, surpassing market expectations and highlighting sustained demand.
Natural Gas Rose On Forecasts For Higher Demand Over The Next Two Weeks
Natural gas prices saw a notable uptick of 1.45%, settling at 146.5, driven by forecasts of higher demand over the next two weeks. This increase in demand comes amidst a backdrop of reduced output, with several energy firms scaling back drilling activities and delaying well completions, leading to a 3% decrease in output over the past month. In addition to supply-side dynamics, the spot market witnessed mild weather conditions and ample renewable power supplies in the US West, contributing to record-low electric prices in California and Arizona. Despite these favourable conditions, US utilities withdrew 36 billion cubic feet (bcf) of gas from storage during the week ended March 22, surpassing market expectations and highlighting sustained demand.
