{"id":9439,"date":"2024-12-09T11:40:54","date_gmt":"2024-12-09T16:40:54","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9439"},"modified":"2024-12-11T11:41:29","modified_gmt":"2024-12-11T16:41:29","slug":"energy-prices-plunged","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/ar\/energy-prices-plunged\/","title":{"rendered":"Energy Prices Plunged"},"content":{"rendered":"\n\n\n
Energy prices dropped last week, marking weekly losses, driven by surplus estimates in the short term in combination with encouraging weather conditions.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Crude Oil<\/p>\n

WTI futures tumbled despite falling inventory<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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  • WTI crude oil futures slipped 1.6% to settle at $67.2 per barrel, booking a weekly drop of nearly 1%, as concerns about a supply surplus in 2025 overshadowed OPEC+’s recent decision to delay planned output increases and extend production cuts until the end of 2026<\/li>\n
  • Currently, OPEC+ is withholding 5.86 million bpd, about 5.7% of global demand, to support prices<\/li>\n
  • Furthermore, U.S. data painted a mixed picture, with crude stockpiles falling by over 5 million barrels\u2014the largest weekly drop since August\u2014but production reaching a record high, emphasizing robust supply outside OPEC+<\/li>\n
  • Elsewhere, China is preparing new economic targets for 2025, while Brazil’s oil production, a key source outside OPEC, fell 6% m\/m and 8% y\/y<\/li>\n<\/ul>\n

    Gasoline<\/p>\n

    Gasoline prices pressured downward on OPEC+ optimistic output<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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    • US gasoline futures edged closer to $1.90 per gallon, after OPEC+ confirmed it will maintain current oil production levels through Q1 2025, with plans to gradually increase output until September 2026<\/li>\n
    • Additional support came from U.S. sanctions on entities transporting Iranian oil, potentially tightening global supply<\/li>\n
    • Gasoline inventories rose (+2.36m barrels) more than expected, adding to bearish market sentiment. This was the 3rd<\/sup>\u00a0straight weekly build-up<\/li>\n
    • Traders are also monitoring China’s upcoming economic plans for potential stimulus measures<\/li>\n<\/ul>\n

      Natural Gas<\/p>\n

      Natural gas prices fell amid favorable weather conditions<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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      • US natural gas futures dipped toward $3\/MMBtu after a smaller-than-expected storage drawdown reported by the EIA<\/li>\n
      • Utilities withdrew 30 bcf of natural gas in the week ending November 29, below market expectations of a 43 bcf draw, leaving inventories at 3,937 bcf<\/li>\n
      • Natural gas prices were down over 8% previous week, as forecasts suggest a shift from colder-than-normal weather through December 7 to warmer-than-normal conditions afterward, likely reducing heating demand<\/li>\n
      • Analysts anticipate production increases in 2025, driven by stronger LNG export demand and recovering prices<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

        Energy prices dropped last week, marking weekly losses, driven by surplus estimates in the short term in combination with encouraging weather conditions. Crude Oil WTI futures tumbled despite falling inventory WTI crude oil futures slipped 1.6% to settle at $67.2 per barrel, booking a weekly drop of nearly 1%, as concerns about a supply surplus […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9439","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/9439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/comments?post=9439"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/9439\/revisions"}],"predecessor-version":[{"id":9440,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/posts\/9439\/revisions\/9440"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/media?parent=9439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/categories?post=9439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/ar\/wp-json\/wp\/v2\/tags?post=9439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}