{"id":113287,"title":"Gas and Oil prices continue to rise","publisher":"Share Talk","author":"sharetalk","published":"2024-03-18T11:26:51+00:00","modified":"2024-03-18T11:26:51+00:00","canonical_url":"https://www.share-talk.com/gas-and-oil-prices-continue-to-rise/","markdown_url":"https://www.share-talk.com/gas-and-oil-prices-continue-to-rise.md","json_url":"https://www.share-talk.com/gas-and-oil-prices-continue-to-rise.json","category":"Blogs","categories":["Blogs","Energy","Oil and Gas"],"tags":["Benchmark","china","European","gas","Malaysia","natural gas","oil","refineries","Russian","UK","United States","Vladimir Putin"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/03/oil-friday-6-oct-750x406-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"European natural gas prices have increased for the fourth consecutive day due to growing concerns over worldwide energy supplies.\n\nThe key European contract experienced its largest intraday rise since January 3, surging by up to 7.7%.\n\nThis rally marks the longest upward streak since late January, countering a drop of as much as 30% since the beginning of the year.\n\nDisruptions at global gas liquefaction plants, ranging from Malaysia to the United States, are causing unease in the market.\n\nAdditionally, forecasts predict colder-than-usual weather in parts of northern Europe next week, followed by a rise in temperatures.\n\nDutch front-month futures, the benchmark for European gas, recently saw a 5.1% increase, exceeding €28 per megawatt-hour. The corresponding UK contract rose by 5.3%, surpassing 71p per therm.\n\n**Oil prices increase in response to expanding factory production in China.**\n\nOil prices have reached a new peak, the highest in four months, driven by positive developments in China’s industrial sector.\n\nThe international benchmark, Brent crude, increased by 0.6% to nearly $86 per barrel, building on a 4% increase from the previous week. Similarly, West Texas Intermediate (WTI) saw a rise of 0.8%, approaching $82.\n\nThis surge is linked to China’s factory output and investment, which exceeded expectations at the beginning of the year, with refining reaching record levels.\n\nIn other news, Russian oil refineries experienced drone attacks over the weekend, coinciding with Vladimir Putin’s decisive win in a presidential election. Defence Secretary Grant Shapps has openly accused Putin of rigging the election."}