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Image: Bigstock 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 – Free Report ) made a natural gas discovery off Cyprus, while Brazil’s Petrobras ( PBR – Free Report ) started to churn out hydrocarbons from its P-71 FPSO in the Santos Basin pre-salt area. Developments associated with Imperial Oil ( IMO – Free Report ) , Chevron ( CVX – Free Report ) and Equinor ( EQNR – Free Report ) 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 […]
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