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: 30.04.2026 Expectation: 1300 pips
Selling ​​SPX down to $6,630
Today at 06:42 AM 2
Period: 30.04.2026 Expectation: 1000 pips
Investing in EURUSD as eurozone inflation heats up
Today at 06:42 AM 2
Gold buy
Period: 20.04.2026 Expectation: 17000 pips
Gold offsets morning losses amid failed US-Iran negotiations
Today at 06:31 AM 5
Gold buy
Period: 30.04.2026 Expectation: 800 pips
Invest in gold once $4,800 gives way
Today at 04:30 AM 12
Period: 30.06.2026 Expectation: 3300 pips
Buying USDCAD up to 1.41500
10 April 2026 51
Period: 17.04.2026 Expectation: 700 pips
AUDCAD is at risk of correction amid fragile Middle East truce
10 April 2026 44
Go to forecasts