Competition between Europe and Asia continued to drive prices up
European gas prices increased again strongly yesterday, still supported by concerns on low Russian supply and weak stock levels. On the spot pipeline supply side,…
ICE Brent prices approached 75 $/b yesterday after the EIA weekly data release showed further scarcity in the US crude market. Later in the day, crude prices pulled back by the more hawkish than expected Fed meeting which anticipated 2 rate hikes in 2023. Physical markets are increasingly reflecting a tightening balance, as Asian and Mediterranean grades are all rallying.
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