Crude Oil Futures

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

WTI crude oil futures recovered above $100 today. After falling heavily yesterday

As of 6:43 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in August. It traded on the NYMEX plus $0.61, or 0.61%, to $100.11/barrel. Brent crude oil rose $1.37, or 1.35%, to $104.14/barrel.

WTI crude for August delivery ended down $8.93, or 8.2 percent, to $99.50 a barrel. which is the lowest closing level since April 25

The Brent crude oil contract was delivered in September. It fell $10.73, or 9.5 percent, to $102.77 a barrel. which is the lowest closing level since May 10

WTI and Brent crude both posted their biggest single-day losses since March 9 amid concerns regarding a recession. and China’s resumption of lockdown measures to contain the spread of COVID-19.

The last time WTI crude oil dropped below $100/barrel. Happened on May 11

WTI oil prices had hit $130.50/barrel in March. After the Russian troops invaded Ukraine. while Brent crude oil prices soared near 140 dollars a barrel. Prices of WTI and Brent crude both hit record highs since 2008.

Citigroup predicts that Brent crude is expected to drop to $65 a barrel later this year and to $45 later next year. If the world economy faces a recession This will affect the demand for oil.

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast model showing that The US economy contracted 2.1% in the second quarter, from an earlier indication of a 1.0% contraction.

GDPNow forecasts show that the US economy contracted in the second quarter more severely than the 1.6% contraction in the first quarter, indicating that the US economy has entered a recession. because the economy contracted for 2 consecutive quarters

WTI crude futures fell below $98 today. following recovering above the $100 level initially

As of 9:06 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in August. It traded on the NYMEX minus $1.54, or 1.55%, to $97.92/barrel. Brent crude oil dropped $1.31, or 1.27%, to $101.46 a barrel.

WTI crude for August delivery ended down $8.93, or 8.2 percent, to $99.50 a barrel. which is the lowest closing level since April 25

The Brent crude oil contract was delivered in September. It fell $10.73, or 9.5 percent, to $102.77 a barrel. which is the lowest closing level since May 10

WTI and Brent crude both posted their biggest single-day losses since March 9 amid concerns regarding a recession. and China’s resumption of lockdown measures to contain the spread of COVID-19.

The last time WTI crude oil dropped below $100/barrel. Happened on May 11

WTI oil prices had hit $130.50/barrel in March. After the Russian troops invaded Ukraine. while Brent crude oil prices soared near 140 dollars a barrel. Prices of WTI and Brent crude both hit record highs since 2008.

Citigroup predicts that Brent crude is expected to drop to $65 a barrel later this year and to $45 later next year. If the world economy faces a recession This will affect the demand for oil.

The Federal Reserve Bank of Atlanta released its latest GDPNow forecast model showing that The US economy contracted 2.1% in the second quarter, from an earlier indication of a 1.0% contraction.

GDPNow forecasts show that the US economy contracted in the second quarter more severely than the 1.6% contraction in the first quarter, indicating that the US economy has entered a recession. because the economy contracted for 2 consecutive quarters