It was a week when oil prices moved up while natural gas futures registered a decrease. On the news front, European energy biggie Shell SHEL agreed to acquire a Danish biogas player for about $2 billion, U.S. giant Chevron CVX got the Biden government’s permission to restart oil sales in Venezuela. Developments associated with Suncor Energy SU, Eni E and Enbridge ENB 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 4.9% to close at $79.98 per barrel, while natural gas prices decreased around 14.3% to end at $6.281 per million British thermal units (MMBtu). Interestingly, both the oil and gas markets flipped to the opposite after three weeks. Coming back to the week that ended Dec 2, the oil price action turned bullish after government data showed a large draw in supplies. The EU price cap on Russia’s crude exports and China’s easing of Covid-Zero policies were also major factors. Meanwhile, natural gas finished down for the first time in a month following a smaller-than-expected decrease in weekly supplies. Forecasts for milder weather and the extended shutdown of the Freeport LNG export plant […]
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