After several sell-offs that devastated the natural gas market, bulls got a little respite. It’s related to the official arrival of winter and cold. The ambiguity of these forecasts doesn’t allow determining whether an uptrend will take place immediately or not.
A week ago, Kazakhstan and Germany had oil supply negotiations. As a result of a successful talk of Vice Chancellor of Germany Robert Habeck and Kazakhstan's Minister of Energy, the two countries have reached an agreement, which is oil supply from Kazakhstan to Germany via the Druzhba pipeline.
The rise in oil prices continues for the fourth day in a row amid tightening stocks of U.S. crude, heating oil and jet fuel in the United States. On Wednesday, Brent and WTI crude oil jumped due to a significant decline in US crude oil inventories.
Crude oil reserves dropped more than three times the level seen last week, as the Energy Information Administration (EIA) said on Wednesday.
After the worst three-day drop in 10 months, natural gas futures in the U.S. are stabilizing.
As it was stated yesterday by TC Energy representatives, the damaged part of the Keystone pipeline, where a leak had occurred this December, was cautiously separated from the line.
U.S. natural gas futures remain around the minimum value of eight weeks. This is due to the fact that extreme cold contributed to the growth of demand for heating. However, the market was able to offset this with a softer long-term outlook.
There has been a sharp fall in consumer confidence in New Zealand, which causes fears of a deeper-than-expected recession.
The Federal Reserve (Fed) refrained from softening its forward guidance. But markets doubt that the central bank will strictly adhere to the previously announced plan. Therefore, the U.S. dollar is expected to decline. This is reported by Stephane Marion, Chief Economist and Strategist of the National Bank of Canada.
The yen slightly weakened on Wednesday but retained its advance against the dollar seen in yesterday's session. Traders are still confused by the Bank of Japan’s policy tweak.
