EBC Markets Briefing | Gas prices jump following huge Russian attack
Oil prices were little changed on Friday but were on track to snap a two-week losing streak as fading hope for immediate peace between Russia and Ukraine increased the risk premium.
Brent has risen 2.7% this week and the WTI has gained 1.1%. Traders has woken up to Putin's stall tactic with Russia launching its largest drone and missile salvo on Ukraine in more than a month.
India's state-owned refiners have resumed purchases of Russian oil after a brief pause triggered by US tariffs, Bloomberg reported. China has also expanded its role as a leading buyer of Russian oil.
Stockpiles fell 6 million barrels in the week ended 15 August, the EIA said, compared with expectations for a draw of 1.8 million barrels. Gasoline stocks also dropped more than forecast.
Meanwhile, US natural gas held below $3 as forecasts for higher demand over the next two weeks and rising gas flows to LNG export plants offset near-record output and ample fuel in stockpiles.
LSEG said average gas output in the Lower 48 states is set to build on a record monthly high of 107.8 bcfd in July. Analysts predicted inventories would keep growing at a faster than usual pace in coming weeks.
Natural gas price has been heading lower since hitting more than $4.2 on 20 June. The price has rebounded to its downward trendline, so we expect a meaningful pullback from this level.
EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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