The weekly report issued by Al-Attiyah Energy Corporation said: Oil prices fell on Friday, recording a decline of 5% over the past week, in light of the possibility of weak global economic growth, high interest rates, and closures in China, which will harm global demand for oil. This decline comes despite the possibility that the European Union will impose an embargo on Russian oil. Brent crude fell by $1.68, or 1.6 percent, to settle at $106.65 a barrel. Meanwhile, US West Texas Intermediate crude fell by $1.72, or 1.7 percent, to close at $102.07 a barrel. And officials at the International Monetary Fund, which lowered its forecast for global economic growth for 2022, said that it may lower its estimates further if Western countries expand their sanctions once morest Russia, and this led to a further rise in energy prices. The European Commission has been scrambling for alternative supplies of Russian energy, while a senior White House adviser said he was confident Europe was determined to further ban Russian oil and gas exports. On the supply side, the Caspian Sea Pipeline Association between Russia and Kazakhstan is expected to fully resume exports following being suspended for 30 days, according to informed sources. However, the supply of oil in the market might decline further if the European Union imposes a ban on Russian oil.
liquefied natural gas prices
LNG prices in Asia fell last week due to weak demand, but this situation may not continue as Asian buyers start returning to the market. And industry sources said that the average price of liquefied natural gas is estimated at 25.40 dollars per million British thermal units, a decrease of 7.60 dollars, or regarding 23 percent from the previous week. In a related context, China’s total imports of liquefied natural gas last month fell 17 percent year on year to 4.63 million tons, the lowest level in two years, as strict closures led to a decline in demand. However, Asia may experience hot summers and above-average temperatures, which will increase energy demand, and thus demand for LNG. In Europe, LNG import rates remained flat in April and are expected to exceed the record level set in January. On the other hand, Russian gas supplies to Europe via pipelines have remained stable so far, but market players do not hide their concern regarding the possibility of Russian gas being cut off as the deadline for Russia to demand payment for its exports in rubles approaches. In the US, natural gas futures prices fell on Friday, following hitting a 13-year high earlier last week due to higher-than-expected storage.
