Last week, the Strategic Petroleum Reserve (SPR) reached its low since 1983. According to federal data published on Wednesday, the drop is due to rising gasoline and oil prices in the United States.

EQT is the largest gas producer in the United States. According to the report, its output dropped by 30% due to the recent low temperatures. The main problem was that the frost hindered the normal functioning of the company's wells located in the Appalachian basin.

Russia's response to the G7 price cap on oil corresponded to the promises previously voiced by state representatives, without having a major impact on global fuel supplies. But the country leaves open for a more decisive move to the EU-imposed price threshold for raw materials.

Finance Minister Anton Siluanov said that Russia would only sell oil at market price to those countries that opposed the price cap.

According to Reuters calculations and data provided by Gazprom, the volumes of gas exported via pipeline from Russia to Europe have decreased sharply in the current year.

As some analysts and investors expect in 2023, gold prices will rise again.

Since the EU imposed oil sanctions on Russian oil shipments by sea, their volume has decreased by 22%. Thus, the indicator fell to 2.5 barrels per day, based on the data from Kpler.

On Wednesday, API informed that the crude oil reserves in the US were reducing for the second week. This happens amid the common concern of the demand’s prospects on the backdrop of a sharp increase of coronavirus cases in China.

Oil prices continue to show a negative growth, driven by Covid-19 outbreaks in China. Such a complex infectious situation in the country has a negative impact on fuel demand recovery.

On Wednesday, natural gas futures in the United States fell to the lowest value in the last 9 months. This is due to softening of weather forecasts for the next few weeks, which could reduce heating demand. The futures contract fell by 23% last week.