Crude oil prices inched lower today, after the U.S. Energy Information Administration reported an inventory draw of 4.6 million barrels for the week to April 14.
Oil prices were down in Asian trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data from the U.S. and China did not do enough to encourage expectations that demand will improve.
Oil drifted lower on Wednesday as the market weighed potential interest rate hikes from the Federal Reserve that could slow growth and dampen oil consumption, offsetting falling US inventories and strong Chinese economic data.
Environmentalists are up in arms over apparent slack added to the Group of Seven’s energy and environmental goals, after ministers decided that the ‘war in Ukraine and its effects on oil and gas’ warrant breaking what are supposed to be ‘firm commitments’ that climate advocates say are necessary to limit global warming.
Natural gas futures jumped by 8% Monday morning as weather models suggested cooler temperatures in the U.S.
Last year, Europe was on the brink of an energy breakdown as Russian gas flows dried up and most of Europe doubled down on renewable energy.
South and Southeast Asia are tentatively returning to the spot LNG market as prices have dipped from record highs in August to the lowest in nearly two years.
OPEC’s crude oil production fell to 28.797 million bpd, according to OPEC’s latest edition of its Monthly Oil Market Report.
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The Organization of Petroleum Exporting Countries (OPEC) and fellow oil-producing allies (OPEC+) are back in the driver’s seat as U.S. shale oil is no longer the marginal fuel due to President Joe Biden’s anti-oil and gas policies.