Favorable weather conditions in Europe have contributed to lower gas prices. Dutch TTF Natural Gas Futures have been declining for a week in a row, while abnormal temperatures have been reported in EU cities.

Oil prices rallied due to the market optimism on fuel demand recovery. Thus, demand is likely to rebound as China continues to lift restrictions imposed during the COVID-19 pandemic.

European underground gas storage (UGS) is more than twice as high as storage withdrawals, which significantly exceeds average values for December. Gas withdrawals from EU inventories dropped, hitting a low for December.

Russian oil pipeline operator “Transneft” confirmed that Ukraine would raise transit fees through the main Druzhba pipeline across its territory by 18.3% from the beginning of the next year.

Oil prices rose on Tuesday amid market concerns over adverse weather conditions in the U.S. This may have a negative impact on the supply chain, as well as on the production of petroleum products and shale oil.

At the end of last week, Algerian President Abdelmadjid Tebboune signed the state budget law for 2023. The crude oil market price is expected to be about $70 per barrel until 2025.

Natural gas prices in Europe keep sliding for the fifth day in a row. This is due to favorable temperature forecasts, along with sufficient fuel reserves in the region.

Gold trades around $1,795 per ounce. Traders intend to defend the first daily gains during sluggish trading on Friday. Gold-price fluctuations are primarily caused by expectations of the U.S. macro statistics.

Chilling temperatures are rising in the United States. However, this is not fast enough for the bulls on the fossil fuel market, since they suffered a decline in fuel prices yesterday.

Exports of Russia's main Urals crude oil from Baltic Sea ports may drop by 20% in December. This is related to the entry into force of marginal oil prices and the European Union embargo on supplies from Russia.