WTI crude futures rose more than 4% past the $101 level today. The positive factor from the depreciation of the dollar. and tight oil market conditions
As of 9:47 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in August. Trading on the NYMEX was up $4.01, or 4.11 percent, to $101.62 a barrel.
A weaker dollar will increase the attractiveness of oil futures. by making contracts cheaper for holders of other currencies
US President Joe Biden visited Saudi Arabia last week. It hopes to persuade oil-producing countries to increase production to depress market prices. But oil producing countries have made no promises to increase production.
Europe prepares for energy crisis While there is an eye on whether Russia will resume supplying natural gas through the Nord Stream 1 pipeline on July 21,
Nord Stream AG, which operates the Nord Stream 1 pipeline, has closed the pipeline since July 12, which supplies natural gas from Russia to Germany via the Baltic Sea. for maintenance until July 21
However, there are concerns that Russia will continue to cut natural gas supplies to Europe even following Nord Stream 1 completes maintenance on July 21, which would put Europe in the wake of an energy crisis. and causing a sharp rise in energy prices for the household sector
Klaus Mueller, Director of the Bundesnetzagentur which is the German Energy Regulator It is believed that Russia will continue to suspend natural gas deliveries to Europe even following Nord Stream 1 completes maintenance on July 21.
“We cannot rule out the possibility that Russia will suspend gas transmissions following July 21 for political reasons,” Mueller said.
If Europe faces an energy crisis as Russia cancels its Nord Stream 1 pipeline, the German government will raise its energy emergency to Level 3, its highest level. will allocate domestic gas consumption