Crude oil prices experienced a second consecutive session of decline, driven by a strengthening US dollar. US natural gas prices, however, rose for the fourth consecutive day due to lower inventory levels and expectations of increased demand.
Crude oil prices declined for a second consecutive session yesterday, with NYMEX WTI closing below $70/bbl and ICE Brent settling below $73/bbl. ING commodity analysts Ewa Manthey and Warren Patterson attribute the decline to the strengthening US dollar, which weighs on the energy complex. Despite this, refined product inventories in the ARA region increased by just 16kt over the week to 6.3mt.
Meanwhile, US natural gas prices moved higher for a fourth consecutive session as weekly inventory numbers reported outflows, while expectations of a cold start to January raised hopes for increased consumption of the heating fuel
CRUDE OIL NATURAL GAS ENERGY MARKET US DOLLAR INVENTORIES
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