Prices strongly up on lower Norwegian supply
European gas prices rebounded significantly yesterday, supported by the strong drop in Norwegian flows (down to 328 mm cm/day on average, compared to 342 mm…
ICE Brent prompt month contract reached 64.6 $/b on early Wednesday, ahead of OPEC’s ministerial meeting, as most market observers expect OPEC to roll over the current production agreement, maintaining a tight grip on supply. The API survey showed indeed that OPEC’s return to the market was premature, with builds crude stocks close to 4 mb. However, declining gasoline stocks continued to be a warning sign for the US, as Gasoline demand likely outpaced 9 mb/d, a level for which current refining utilization is too low to supply the market.
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