Asian spot LNG prices continue to rise – The Peninsula

Asian spot LNG prices continue to rise – The Peninsula

Doha: For the week, Brent lost 1.3%, while WTI rose 0.8%. For June, both benchmarks had ended the month lower for the first time since November.

However, oil prices gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures settled at $111.63 a barrel, while West Texas Intermediate crude (WTI) settled at $108.43 a barrel. Industry data showed that the US manufacturing activity slowed more than expected last month, adding to evidence that the country’s economy was cooling as the Federal Reserve tightens monetary policy. Still, low crude and fuel supplies supported the oil market even as equities slumped and the US dollar, which typically has an inverse relationship with crude, rose. A planned strike among Norwegian oil and gas workers on July 5 could further pressure supply and cut the country’s overall output by up to 8%. Libya’s production has also seen a sharp decline, with the National Oil Corporation declaring force majeure at two of its major ports. No additional supply will come from the OPEC+ producers, who agreed to stick to its output strategy after two days of meetings last