Oil Prices Stabilize Despite Positive Economic Indicator in US
London: Oil prices stabilized on Friday, with investors finding some relief after a better-than-expected economic indicator in the United States. European gas prices remained at their highest level of the year.
Around 09:50 GMT (11:50 CET), the price of a barrel of Brent, the international benchmark for European crude, for delivery in October, rose by 0.04% to $79.19. Its American equivalent, West Texas Intermediate (WTI), also rose by 0.09% to $75.11.
The only American economic data released on Thursday, the number of unemployed people, caused a slight rebound in oil prices, which had been trending downwards for the past month.
“The state of global and regional economies has a visible impact on oil demand,” explains Tamas Varga, analyst at PVM Energy. “However, the disturbance in supply concerns, however, is not the same as a reversal of the trend.”
For Han Tan, an analyst at Exinity, the price increase should remain modest as long as demand is feared, and as well as likely due to more supply coming from OPEC+ in the fourth quarter.
Natural Gas Prices Continue to Rise
The Dutch TTF futures contract was trading at €40.07 per megawatt hour (MWh) shortly after opening, marking the highest level since December. This surge in prices is attributed to increased geopolitical risk, specifically the situation in Ukraine.
Commentator: Stable Oil, Gas at Highest Level of the Year with Geopolitical Risk
Community Price of a Barrel