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Oil fell almost 2% Monday on fears of looming recessions hitting demand.
In mid-morning trading today, WTI futures were down 1.5% at $89.73/bbl, Brent was down 1.4% at $94.82/bbl, and U.S. natural gas was up 0.3% at $6.46/MMBtu.
At $3.919 a gallon, the average U.S. gasoline price is up 3% since OPEC+ announced its November production cuts last week.
The average American’s heating bill is expected to rise 17.2% this winter as natural gas supply tightens.
Some U.S. energy experts say domestic natural gas supply could exceed demand next year as growth in LNG exports slow awaiting needed infrastructure improvements.
European natural gas prices fell to three-month lows on Monday thanks to mild weather and healthy import volumes.
Saudi Aramco plans to maintain volumes to Asia despite OPEC’s planned output cuts next month, a move that could mitigate their impact.
Iraqi officials indicated they may break with OPEC’s move to slash output in November due to pressing needs for cash.
More oil and gas news related to the war in Europe:
Europe will continue deliberating about a cap on gas prices over the coming weeks, a lingering issue that contrasts with the bloc’s swift approval of other measures, such as windfall taxes and curbs on electricity use.
Germany will rapidly approve a $93 billion plan to pay consumer and business gas bills this winter and limit prices starting in March.
Germany reversed course and began supporting the joint EU issuance of debt to cushion the blow of rising energy costs this winter.
Britain’s grid operator warned it may have to impose three-hour power cuts this winter to preserve energy.
Europe’s complicated new sanctions, including a price-cap on Russian oil, could end up shutting in large amounts of the nation’s crude, experts say. Russia has already lost 60% of seaborne crude sales to Europe since February.
The Bank of England warned of “material risk” to the nation’s financial markets after it was forced to further intervene to prop up British sterling today. The crises of confidence following the governments ill-fated plan for unfunded tax cuts spread to the mortgage market, where interest rates topped 6% for the first time in more than a decade.
U.K. unemployment fell to 3.5% in the three months through August, the lowest in five decades, as nearly 22% of eligible workers sit out of the active workforce, including a record number suffering long-term illness.
Shares in China’s largest tech firms plummeted Monday as the U.S.’s new export control measures spooked investors.
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