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: 20.01.2026 Expectation: 3250 pips
Buying BTCUSD amid Fed’s crisis and moderate bullish momentum
Yesterday at 12:07 PM 33
Lyra_Moonwell1
Lyra_Moonwell1

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
Period: 31.12.2026 Expectation: 3700 pips
Investing in SPX for long haul
Yesterday at 11:14 AM 38
Period: 28.01.2026 Expectation: 3000 pips
Tesla shares have room to grow further ahead of annual report
Yesterday at 10:47 AM 24
Period: 31.01.2026 Expectation: 2300 pips
Selling ​​USDJPY upon hitting 160.00
Yesterday at 08:59 AM 28
Period: 20.01.2026 Expectation: 680 pips
Fed’s independence crisis weakens dollar and makes buying AUDUSD profitable
Yesterday at 08:41 AM 25
Period: 31.01.2026 Expectation: 560 pips
Buying AUDCAD up to 0.9360
12 January 2026 52
Go to forecasts