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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