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Head of Commodity Strategy in Danish Saxo Bank Ole Hansen recently said that if the gold exceeds $2075 per ounce, it may hit the historical high in 2023.

OPEC+ countries are likely to leave oil production quotas unchanged at the meeting on February 1. It is driven by the fact that China is balancing between hopes for higher demand and concerns about inflation and the global economic downturn.

Last year U.S. oil and gas transactions declined 13% to $58 billion from 2021, according to energy technology company Enverus. At the same time, transaction volume reached its lowest level since 2005 as buyers became more picky about assets.

Biggest exporter of Australia stated that the recovery of the Chinese economy may limit the natural gas market this year.

On Tuesday, January 24, U.S. natural gas futures fell by 6%. The decline was driven by several reasons, among which is uncertainty about the restart of the Freeport LNG export plant.

The American Petroleum Institute (API) reported a 3.378-million-barrel increase in crude oil inventories for the last week in the U.S. Earlier consecutive reserve increases of 7.615 million and 14.865 million barrels had been recorded.

The EU banned offshore oil imports from Russia, and then the G7 countries put a price cap on exports. After that India became the largest importer of Russian oil offshore.

WTI oil increased after Tuesday's 2% fall. It happened because the mixed earrings and weakening business activity caused fear of a possible slowdown of the U.S. economy.

In a recent interview, New York University professor Nouriel Roubini said that the current crisis will force investors to rush into gold. The value of the yellow precious metal will rise to $3,000 by 2028.

One chemical plant and one oil refinery experienced failures in operations on Tuesday due to severe weather conditions out of Houston. The oil and gas refinery complex is now trying to recover their operations.