.png)
It was a week when oil prices moved up while natural gas futures registered a decrease. On the news front, Italy-based energy major Eni E made a natural gas discovery off Cyprus, while Brazil’s Petrobras PBR started to churn out hydrocarbons from its P-71 FPSO in the Santos Basin pre-salt area. Developments associated with Imperial Oil IMO, Chevron CVX and Equinor EQNR also made it to the headlines. Overall, it was a mixed seven-day period for the sector. West Texas Intermediate (WTI) crude futures gained some 6.9% to close at $79.56 per barrel, but natural gas prices slumped more than 23% to end at $5.079 per million British thermal units (MMBtu). In particular, the oil market posted the largest one-week gain since October. Coming back to the week ended Dec 23, the oil price action continued to be positive on China’s easing of Covid-Zero policies and demand concerns emanating from Moscow’s retaliatory crude export ban to countries that imposed price caps on its crude. Meanwhile, natural gas finished deep down on forecasts of warmer weather. Recap of the Week’s Most Important Stories 1. Rome-based energy biggie Eni made a significant natural gas discovery in the Zeus-1 well in Block […]
CamTrader offers a preview only. View original article. finance.yahoo.com
