Ukraine Forces a Halt to Flow of Natural Gas From Russia to Europe
The flow of natural gas through a major...
The flow of natural gas through a major pipeline from Russia to Europe was cut off early Wednesday after Ukraine refused to renew an agreement that allowed for the transit of Russian gas through its territory, according to officials in both countries.
The move to suspend the flow of gas through a pipeline that had carried Soviet and then Russian gas to Europe for decades is part of a broader campaign by Ukraine and its Western allies to undermine Moscow’s ability to fund its war effort and to limit the Kremlin’s ability to use energy as leverage in Europe.
“This is a historic event,” Ukraine’s energy minister, Herman Galushchenko, said in a statement. “Russia is losing markets, it will suffer financial losses.”
Oil prices forecast to hover near $70 per barrel in 2025
Oil prices are forecast to remain around $70 a barrel in 2025, as per...
Oil prices are forecast to remain around $70 a barrel in 2025, as per a Reuters poll. Brent crude is expected to average $74.33 per barrel, reflecting an eighth consecutive forecast reduction. U.S. crude is projected to be slightly lower at $70.86 per barrel. Weak demand from China, the world's largest oil importer, is contributing to the downward pressure on oil prices.
Biden aims for 20-year ban on energy leasing in Nevada
The Biden administration has applied to prevent oil, gas and geothermal...
The Biden administration has applied to prevent oil, gas and geothermal leasing for 20 years on 264,000 acres in Nevada's Ruby Mountains, responding to requests from Native American tribes and environmentalists. The move, which allows mining, starts a 90-day public comment period and a two-year halt on leasing.
OilPrice.com: The Factors That Will Drive Oil Prices in 2025
This year in oil has been marked by chronic trader pessimism about Chinese...
This year in oil has been marked by chronic trader pessimism about Chinese demand and an equally chronic downplaying of supply disruption risks. This has made for a rather stable year in prices—and the stability could continue in 2025, on a few conditions.
Brent crude and West Texas Intermediate appear set to end the year at nearly the same levels that they started. WTI started 2024 at a little over $70 per barrel and is about to end a little below that. Brent crude looks like it will post a little more noticeable loss, starting the year at $77 per barrel and ending at a bit over $74 at the time of writing.
Top 3 Factors in 2025
⭕️ Focus on China's oil demand, predicted to peak in 2025 or 2027, is expected to keep a lid on oil prices next year.
⭕️ Supply disruptions from OPEC+ or renewed sanctions on Iran could challenge price stability in 2025.
⭕️ India's rising oil demand and potential for a supply glut are other factors to consider in the 2025 oil price outlook.
On Monday, oil settled near $71, the highest close in two weeks, supported by technicals and higher natural...
On Monday, oil settled near $71, the highest close in two weeks, supported by technicals and higher natural gas prices.
West Texas Intermediate crude held above its 100-day moving average, a key technical level that spurred more buying. Algorithmic traders on Monday flipped to a net-long position in Brent crude after being short since mid-October, according to data from Bridgeton Research Group.
Prices also rose as colder-than-normal weather forecast drove natural gas futures up 20%, the most since the contract started trading in 2012. Gas tightness could stimulate short-term oil consumption amid an otherwise tepid demand outlook.
West Texas Intermediate for February delivery rose 0.6% to settle at $70.99 a barrel in New York.
Brent for February settlement, which expires Tuesday, lifted 0.3% to settle at at $74.39 a barrel. The more-active March contract edged higher to $73.99.
Natural gas February futures NGG25 closed up 5.5 cents, at $3.93 per MMBtu.
