30 December 2022 | Other

Oil grows due to fears of output cuts in Russia and the consequences of a winter storm in the US

On Tuesday, oil increased in price amid fears that a winter storm in the US might hurt the transportation and production of shale oil and petrochemicals.

Chief analyst at Fujitomi Securities Co Ltd. Kazuhiko Saito said that according to forecasts, weather conditions might improve this week, which means that instability would end soon.

Near 2,700 US flights were canceled at noon Saturday after weather conditions severely disrupted the work of airports.    

Due to cold weather and strong winds on Friday, power was cut off, and production in the US was reduced. This caused an increase in the price of electricity and heating.

Another reason for the instability in the market was the fear that production in the RF might be reduced. 

At the beginning of 2023, RF may decrease oil extraction by 5-7% as a response to price restrictions. This was announced on Friday by RIA Novosti, referring to vice Deputy Prime Minister Alexander Novak.

Company MarketCheese
Period: 11.10.2026 Expectation: 3200 pips
Going short on AUDUSD ahead of US Fed meeting
Yesterday at 10:08 AM 26
Period: 30.09.2026 Expectation: 2000 pips
SPX sell-off targets $7,400
Yesterday at 09:23 AM 19
Period: 25.09.2026 Expectation: 2800 pips
Buying Tesla stock with $390 in view
Yesterday at 06:53 AM 39
Period: 10.10.2026 Expectation: 2500 pips
Buy AUDCAD upon breaking 1.00000
10 September 2026 28
Period: 24.10.2026 Expectation: 8500 pips
Invest in ETHUSD with $2,565 target
10 September 2026 31
Period: 23.09.2026 Expectation: 2500 pips
NVIDIA sell-off targets $200
09 September 2026 60
Go to forecasts