Oil depreciates. Gas prices fall
Oil continues to trade with slight losses, at a time when a new contraction in industrial activity in China has exacerbated concerns about a reduction in demand. Even so, for the first time since October, “black gold” is heading to close the month with gains.
The West Texas Intermediate (WTI) – traded in New York – lost 0.50% to US$87.46 per barrel, remaining trading below US$88 per barrel. North Sea Brent – reference for European imports – drops 0.54% to 95.25 dollars per barrel.
In monthly terms, crude rose 9% this month, following the decision of the OOrganization of Petroleum Exporting Countries and Allies (OPEC+) to reduce oil production by two million barrels a day. The measure takes effect in November.
The price of natural gas contracts negotiated in Amsterdam (TTF), which serves as a reference for the European market, drops by 4.95% to 132.415 euros per megawatt-hour, after two consecutive days of appreciation. Contributing to this fall are the above-average temperatures for this time of year, which delayed the need for heating, allowing for an increase in the reserves of this raw material.
However, the CEO of the Italian energy giant Eni SpA, Claudio Descalzi, warns that the recent drop in natural gas prices may not last. “It is a temporary situation. We will have problems in 2023, because in 2023 we will not have Russian gas,” he said in Abu Dhabi, according to Bloomberg.