Oil prices are recovering on Friday as the prospect of rising Iranian oil exports overshadows fears of a possible supply disruption due to the Ukraine crisis.
Fears of a possible supply disruption due to the Russian military presence near the Ukrainian border have reduced casualties this week.
Oil prices reached their highest level since September 2014 on Monday, but the prospect of easing sanctions on Iran’s oil offers pressure on crude.
However, the agreement reached to revive Iran’s nuclear deal with international forces provides for certain phases of reciprocal steps to bring both sides back into full compliance, and the first step does not include an exemption from oil sanctions, diplomats say. according to CNBC.
Therefore, there is little chance that Iranian crude will return to the market in the near future to reduce the current tight supply, analysts said.
“Stocks are therefore likely to remain well below the long-term average for some time to come,” said Commerzbank analyst Carsten Fritsch.
In this climate, The American WTI crude delivery in March gains 0.08% to $ 91.94 a barrel, while the Brent delivery in April adds 0.57% to $ 93.47 a barrel.
European gas is receding as Russia agrees to meet with the US on Ukraine
European gas prices fell after the US announced that Russia had agreed to meet to discuss the Ukraine crisis, easing some concerns about geopolitical supply risks.
Russian Foreign Minister Sergei Lavrov has agreed to hold talks with US Secretary of State Anthony Blinken in Europe next week, the United States said in a statement late Thursday, following a resurgence of tensions over military aid near Moscow. Ukraine.
It is noted that Russia, Europe’s leading gas supplier, sends one third of these supplies through pipelines that cross Ukraine. On Thursday, US President Joe Biden warned that the probability of a Russian invasion of Ukraine remained “very high”, with the result that European gas prices rose by 7.3%. Moscow has repeatedly stated that it has no plans to attack Ukraine.
In this climate, gas futures prices in the Netherlands fell as much as 6% on Friday and then reduced losses to 5.2% to 71 euros per megawatt hour. The corresponding contract of the United Kingdom fell by up to 5.4%.
The crisis in Ukraine “is expected to remain the key driver for European gas markets in the coming weeks,” said Julien Hoarau, head of EnergyScan, Engie SA’s market analysis platform. Prices are also affected by temperature fluctuations until April or May, as well as any increase in Asian prices for liquefied natural gas (LNG) that would keep cargo away from Europe, he added. LNG imports to Europe remained strong this year. The volume of LNG that entered the UK system increased on Friday after two days of decline.
German electricity prices fell below zero
German electricity prices in the pre-market have turned negative for four hours as the region’s wind turbines are ready to generate some of the highest energy levels ever observed, helping to alleviate the surge in energy costs.
Daily energy in Germany, Europe’s largest market, fell 66% to its lowest level this year, with some hourly rates even falling below zero at the Epex Spot SE auction. Production from Germany’s wind and solar parks will jump about 8% above energy demand by noon on Saturday, according to a Bloomberg forecast.
“After a period of milder weather, periods of strong winds are again more likely,” the national meteorological service Deutscher Wetterdienst said in its latest forecast.
Electricity costs have fallen from record highs in December, but Europe’s many millions of households and factories are still facing very high bills. The lack of very cold periods this year also helped lower prices.
Source: Capital

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