Asian LNG prices ease despite firm demand – The Peninsula

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Gulf
  • Date: 15-May-2022
  • Source: The Peninsula…
  • Sector: Oil & Gas
  • Country: Gulf
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Asian LNG prices ease despite firm demand – The Peninsula

Oil prices rose on Friday as US gasoline prices jumped to a record high as China looked ready to ease pandemic restrictions and investors worried that supplies will tighten if the European Union bans Russian oil, noted the report by Al Attiyah Foundation.

An EU embargo, if fully enacted, could take about 3 million bpd of Russian oil offline, which will completely disrupt, and ultimately shift global trade flows, triggering market panic and extreme price volatility.

Brent futures rose $4.10, to settle at $111.55 a barrel. US West Texas Intermediate crude rose $4.36, to settle at $110.49. For the week, WTI gained 0.7 percent, while Brent fell 0.7 percent.

In the US, gasoline futures soared to an all-time high after stockpiles fell last week for a sixth straight week. That boosted the gasoline crack spread - a measure of refining profit margins - to its highest since it hit a record in April 2020 when WTI finished in negative territory.

In China, authorities pledged to support the economy and city officials said Shanghai would start to ease coronavirus traffic restrictions and open shops this month.

Pressuring oil prices, coupled with inflation and rate rises, drove the US dollar, last week, to a near 20-year high

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