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: 29.06.2026 Expectation: 730 pips
Invest in AUDCAD with 0.99500 target
Yesterday at 11:28 AM 26
Period: 05.06.2026 Expectation: 1525 pips
GBPUSD may find its footing as selling storm subsides
Yesterday at 11:07 AM 23
Brent sell
Period: 05.06.2026 Expectation: 700 pips
Brent crude loses ground amid looming US-Iran peace deal
Yesterday at 11:05 AM 16
Period: 29.06.2026 Expectation: 1650 pips
Buying USDCAD with 1.39500 in view
Yesterday at 10:45 AM 14
Gold sell
Period: 28.06.2026 Expectation: 400 pips
Selling gold upon breaking below support
28 May 2026 97
Period: 31.08.2026 Expectation: 5000 pips
Invest in USDJPY from 155.00
28 May 2026 34
Go to forecasts