INSIGHTS
Brent oil falls to $83/b on Russian exports and rate hikes
Crude oil prices trade in negative territory for a third consecutive trading session in a row, with Brent and WTI prices falling as low as $83/b and $76.50/b respectively on Tuesday morning on growing worries for more supplies from Russia, and further interest rate hikes by major central banks ahead in the week.
Federal Reserve, ECB, and BoE will hike rates in the week ahead
Three of the world’s largest central banks, the Federal Reserve, European Central Bank, and Bank of England will hold policy meetings in the week ahead to fight a 40-year record high inflation.
U.S. & EU natural gas crushed on mild weather and robust supplies
The U.S.-based Henry hub natural gas prices broke below the much-advertised $3/mmBtu support level, while the European natural gas price of Dutch TTF extended recent losses toward the $55/MWh level, amid a combination of actors such as milder-than-normal weather, lower demand, record-high production, Freeport online, and plenty of LNG supplies.
Euro jumps above $1.09 on hawkish signals from ECB and a falling dollar
2022, driven by both the hawkish signals from the European Central Bank on interest rates hikes, and the recent weakness of the U.S. dollar on growing expectations for a less aggressive Federal Reserve in the coming months.
Gold rallies above $1,930 oz on a weaker dollar and safety demand
The price of the yellow metal broke above the $1,930/oz level on Friday morning for the first time since end-April 2022, driven by some safe-haven demand, a softer dollar and yields, and weaker-than-expected U.S. macroeconomic data.
Crude oil Outlook for Q1, 2023
It’s possible the fossil fuel markets (crude oil, natural gas, coal) have never had a start of the year as uncertain as in 2023. We are still amidst a changing geopolitical, social, and economic environment that could impact the dynamics of the demand and supply equilibrium without so much changing or a product of the traditional price functions of demographic, rapid urbanizations, underinvestment, or technological advancement.
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