Page 18 - Commodity Strategy News Today

European gas prices jumped to an all-time high on Tuesday after natural gas on a key pipeline from Russia to Germany reversed flow eastward and freezing temperatures took hold in many parts of Europe

Oil prices fell early on Friday and were on track for a weekly loss as the fast-spreading Omicron COVID variant increased concerns about a potential hit to oil demand

The European natural gas benchmark prices tumbled by 15% early on Friday after Russia’s gas giant Gazprom booked last-minute capacity on a pipeline to ship extra gas to Germany via Poland in the coming days

Open interest in Europe’s main diesel futures contract has plunged by more than one-third since the beginning of October as traders are getting out of their positions with the fall of diesel prices

There was plenty of speculation and volatility leading up to the OPEC+ meeting last week, but the cartel stuck to its guns and appears to have regained control of oil markets

Oil prices rebounded on Monday morning following an overreaction on Friday to the news of a new Covid variant

Top stories from the Russian press on Thursday, November 25th

Having already fallen by 10% ahead of the announcement, these initiatives will do little to force prices lower, Head of Commodity Strategy with Saxo Bank Ole Hansen notes

As inventory levels at America’s largest oil storage facility Cushing have fallen to a three-year low, analysts have started to point out how an empty Cushing could send oil prices skyrocketing

Portfolio managers reduced their bullish bets on oil in the latest reporting week as they moved to take profits amid prices hitting multi-year highs