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: 14.11.2026 Expectation: 3500 pips
Sell Bitcoin with $75,000 in view
30 October 2026 21
Period: 14.11.2026 Expectation: 150 pips
Go short on SPX down to $7,500
30 October 2026 34
Brent sell
Period: 29.11.2026 Expectation: 450 pips
Brent crude sell-off targets $105
29 October 2026 30
Period: 12.11.2026 Expectation: 28000 pips
Go long on NVIDIA stock up to $243
29 October 2026 33
Period: 28.11.2026 Expectation: 130 pips
Invest in SPX with 7,850 in view
28 October 2026 44
Period: 28.11.2026 Expectation: 4200 pips
Selling EURUSD down to 1.07000
28 October 2026 59
Go to forecasts