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Supported by factors such as tightening supply in some oil-producing countries and the impact of the Omicron variant on demand less than previously expected by the market, international oil prices rose significantly last week (the week ended January 7), with WTI oil prices up 4.
9% and Brent oil prices up 5.
1%.
On the 7th, WTI oil prices closed at $78.
9 / barrel, and Brent oil prices closed at $81.
75 / barrel
.
The disruption of some crude oil supplies in Libya on January 6, coupled with tensions in Kazakhstan last week, led to heightened concerns about tighter supplies
.
Demand-side concerns are easing, with growing evidence that the impact of Omicron is not as severe
.
On January 4, the OPEC+ ministerial meeting decided to maintain the original plan and increase production by 400,000 b/d
in February.
Analysts generally believe that the production increase plan is unlikely to materialize
due to investment restrictions and internal instability in some member countries.
OPEC crude oil production increased by only 90,000 barrels per day in December, with Nigeria's production cuts offsetting Saudi Arabia's production
increases, according to a Bloomberg survey.
Last week, prices in the three major natural gas markets of the United States, Europe and Asia rose
to varying degrees.
Henry Center natural gas futures rose 10.
1% throughout the week, closing at $3.
916/MMBtu
on the 7th.
Dutch TTF natural gas futures rose sharply by 25.
3% throughout the week, closing at 88.
174 euros / MWh
on the 7th.
The CIF price of spot LNG imported from China released by the Shanghai Oil and Gas Trading Center rose 8.
4% for the week to $29.
355/MMBtu
on the 7th.
Localized cooling and rain and snow in the United States last week boosted natural gas demand and supported prices upward
.
European gas prices rebounded
sharply last week due to reduced pipeline gas supplies from Russia.
Currently, European gas stocks are at their lowest level
in 10 years.
Demand in Asia was relatively flat last week, but natural gas prices rose
significantly due to European markets.
