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Markets await strategic oil release

By Jenal Mehta

12:33, 23 November 2021

Photo of gas supply with two men
European gas supplies are under continued duress – Photo: Shutterstock

Brent crude oil traded at around $79 per barrel today. Demand was under pressure due to the European region becoming subject to new Covid-19 restrictions. WTI crude oil traded at just over $75 per barrel, as traders await the strategic release of oil reserves. According to Reuters, Japan, India and the US are working on releasing oil reserves, but the timings are unclear. Reuters also reported that the US is to announce it will be loaning crude oil from its emergency stockpile.

Recent prices of brent crude oil Brent crude oil – Credit: TradingView

European gas prices traded above €86 ($97) per megawatt-hour, an increase of more than 6% since yesterday, due to continued uncertainty regarding supply issues in the region. According to Reuters, the US has imposed sanctions targeting Russia-linked Transadria relating to the Nord Stream 2 pipeline.

Recent prices of natural gas in EuropeNatural gas – Credit: TradingView

Read more: High gas prices could discourage coal-to-gas switch

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