European prices extended gains on sharply lower Norwegian supply
European gas prices extended gains yesterday as the sharp drop in Norwegian supply tightened gas balances even more. Indeed, due to an unplanned outage at…
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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