It was a week when both oil and natural gas prices reversed course and posted healthy gains. On the news front, Norwegian energy behemoth Equinor EQNR brought on stream the second phase of its giant Johan Sverdrup development, while oil and gas pipeline operator Pembina Pipeline PBA agreed to offload its 50% non-operated interest in an infrastructure asset. Developments associated with Chevron CVX , Tullow Oil TUWOY and Shell SHEL also made it to the headlines. Overall, it was a bullish seven-day period for the sector. West Texas Intermediate (WTI) crude futures gained some 4.6% to close at $74.29 per barrel, while natural gas prices rose around 5.7% to end at $6.60 per million British thermal units (MMBtu). In particular, the oil and gas markets closed up for the first time in three weeks . Coming back to the week ended Dec 16, the oil price action turned positive after the Paris-based research body, International Energy Agency, raised its demand outlook for this year and next. The U.S. government’s plan to buy crude to fill its strategic reserves was also a major factor. Natural gas finished up too, following a bigger-than-expected decrease in weekly supplies and forecasts of colder […]
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