With the price of Brent crude hovering just shy of $110 per barrel, it is on the move again, with the week closing up about 5%.
And despite the U.S. president’s efforts to lift sanctions on diesel exports from Russia in order to lower prices, U.S. crude oil is also rising, reaching $101.40 per barrel.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
“U.S. oil reserves are now below 6 million barrels, the lowest level we’ve seen since 1982. Consequently, a series of political events has now led to real developments affecting the market. And it will be very difficult to attempt to release oil from the Strategic Petroleum Reserve (SPR) or implement other temporary solutions. “It will be very difficult for them to be effective.”
Niall Digman – Energy Analyst, William Blair
Natural gas prices also rose, up 7.5% to 87.5 euros per megawatt-hour.
“Unfortunately, I believe we’ve already seen record prices and that we’ll see even higher prices. You know, I’m in Europe this week, traveling with an energy company. In fact, there is a fear and a consensus that we could see an explosive rise in prices, as several CEOs of major oil companies have indicated.”
Niall Digman – Energy Analyst, William Blair
The Situation in Cyprus
The flow of fuel to the occupied territories is steadily increasing. And fears of further price hikes, following the recent increases, are mounting.
The average price of unleaded 95 is 1.759.
The price of diesel has broken through the barrier and is rising to 2.018.
Heating oil is at 1.679.
“The delays, the lack of a sense of urgency, and the insistence on ‘‘painkillers’ create the impression that those in charge are still banking on the return of a reality that may never exist again under the same conditions.”
George Georgiou – Economic Analyst
Even before the sharp rise in international prices, as the week came to a close on Sunday, the Association of Gas Station Owners pointed out that further increases are expected.
Watch the report by Kleio Vourkou:
