Oil prices rise as global supply tightens due to lower exports from Saudi Arabia and Russia, offsetting concerns about global demand growth amid high interest rates.
European natural gas prices are falling as the market focuses on labor talks at Woodside.
Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
Oil prices edge higher in an uncertain market as US crude futures rise 0.1% to $78.94 a barrel, despite a 2% drop for the week, due to production cuts by major oil producers and a mixed US economy.
Gas prices in the US are nearing $4 a gallon, up 60 cents since the start of the year, which could complicate the Federal Reserve's decision on interest rates as it tries to rein in inflation.
Crude oil prices rose after the U.S. Energy Information Administration reported a larger-than-expected inventory decline of 10.6 million barrels for the week ending August 25.
The European Union's purchases of Russian liquefied natural gas (LNG) have surged despite their vow to reduce imports over Russia's invasion of Ukraine, raising questions about their efforts to weaken Russia's war chest.
Gas prices are historically high for Labor Day, with the national average for regular gas at $3.83 a gallon and some states averaging $4 a gallon or more due to factors such as OPEC holding back supply, extreme heat affecting refineries, and easing recession fears boosting oil prices.
Strikes at Australian natural gas facilities could lead to a global shortage of gas supply and higher European gas prices, as the market is currently very tight with little flexibility, according to energy analysts. The strikes are scheduled to begin on Thursday unless an agreement is reached between Chevron and the unions representing workers at the Gorgon and Wheatstone projects. However, analysts believe that prices are unlikely to reach the record peaks seen in September 2021. The gas market also remains sensitive to other factors, such as disruptions caused by winter storms or a cut in Russian gas supply. There is also uncertainty surrounding the future of gas transit through Ukraine, which could further impact European gas prices.
European gas prices surged as workers at Australian natural gas facilities went on strike, raising concerns about global supply shortages. The strike, which is a result of failed negotiations over pay and job security, could potentially lead to a two-week halt in production.
Gas prices in Minnesota are expected to rise by 50 cents to $1 over the next few days due to a refinery outage which may cause a shortage in gasoline supply.
European gas markets are expected to experience more volatility and higher prices as preparations for the winter heating season are underway, with disruptions caused by strikes at major liquefied natural gas (LNG) facilities in Australia leading to increased competition for LNG from other suppliers in Asia and Europe.
Gas and housing prices continue to rise, leading to a 0.6% increase in the federal consumer price index for August and a 3.7% increase for the year, causing concerns about overall inflation and its impact on household budgets.
Gas prices in the United States have been increasing due to OPEC's reduction in drilling, and California has the highest gas prices in the country due to high state taxes and limited competition in the gasoline market.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.
The average price of gasoline in the United States has risen to $3.881 per gallon, compared to $3.678 per gallon a year ago, due to refinery outages in the western United States.
Oil prices rose for a fourth consecutive session due to concerns about a supply deficit caused by weak U.S. shale output and extended production cuts by Saudi Arabia and Russia.
Oil prices reach a 3-month high as OPEC maintains tight supply. Gas prices in the US rise, posing a threat to efforts against inflation.
Gas prices are expected to rise to $100 per barrel of crude oil, but experts believe consumers will be able to handle the increase, with some price easing predicted in the future.
The increased exports of oil from the United States into Europe and Asia have allowed U.S. crude to regain its dominance in setting international oil prices, reducing volatility and potential market distortion, while also shifting power to U.S. companies and traders in the market.
Crude oil prices rose as inventories declined and demand from Asia and Europe decreased, threatening higher gas prices in the US and potentially impacting the Federal Reserve's interest rate decisions.
The recent global supply concerns caused by Russia's fuel export ban are driving up oil prices, counteracting the demand fears driven by macroeconomic headwinds and high interest rates.
Oil prices rose over 1% after Russia implemented an export ban on diesel and gas, which aims to replenish domestic supply and reduce prices, potentially impacting global oil supply and driving up energy prices, excluding demand shrinkage, while also predicting easing gas prices in the US except for some western states.
