Natural gas prices in Europe caught their breath on Thursday after rising the day before, buoyed by threats of strikes in Australia at major gas facilities, while oil prices fell. The Dutch TTF futures contract, considered the European benchmark, lost 5.73% to close at 37.54 euros per megawatt hour (MWh), not far from its highest price in almost two months.
The day before, the TTF jumped more than 28%, its biggest single-session gain since the explosion in gas prices in early 2022 sparked by the start of the war in Ukraine and fears of gas supply disruptions. Russian from the European continent. Prices were boosted by the announcement of a strike call at the Woodside liquefied natural gas (LNG) offshore platforms in Western Australia, which alone provide more than 10% of global LNG supply each month. Employees of the US Chevron could also join the movement.
OPEC production falls of almost 900,000 barrels per day in July
On the oil side, both global benchmark indices fell on Thursday, caught between disappointing economic data from China, supply cuts from exporting countries and continued US inflation. “This may mean that oil rates interest rates will remain high for some time, which could moderate energy demand,” said Andy Lipow of Lipow Oil Associates. The barrel of Brent from the North Sea, for delivery in October, lost 1.31% to 86.40 dollars and its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery in September, fell 1, 87% to $82.82.
If OPEC production fell by almost 900,000 barrels a day in July due to sharp cuts by Saudi Arabia, particularly to support prices, brokers note “there has been some compensation with increases in production from Venezuela, Iran and Libya,” said Andy Lipow. in perspective.
Source: BFM TV
