Oil Falls on Prospect of Weaker Global Growth

By The Al Attiyah Foundation, Qatar

Cover Image Attribute: An oil pump in Ulyanovsk, Russia / Source: Shutterstock Photo ID: 712006849-1

Oil slipped on Friday, posting a weekly loss of nearly 5%, on the prospect of weaker global growth, higher interest rates, and COVID-19 lockdowns in China, hurting demand even as the European Union considers a ban on Russian oil that would tighten supply. Brent crude settled down $1.68, or 1.6%, at $106.65 a barrel. U.S. West Texas Intermediate (WTI) crude declined $1.72, or 1.7%, to $102.07. According to the agency officials, the International Monetary Fund, which cut its global economic growth forecast for 2022, could further downgrade it if Western countries expand their sanctions against Russia over its war against Ukraine and energy prices rise further. The European Commission was working to speed up the availability of alternative energy supplies. At the same time, a senior White House adviser said he was confident Europe is determined to close off or further restrict remaining Russian oil and gas exports. On the supply side, the Russia-Kazakh Caspian Pipeline Consortium (CPC) is expected to resume full exports from April 22 after almost 30 days of disruptions, sources said. However, supply could be squeezed further if the EU imposes an embargo on Russian oil.


Benchmark Crude Price

Asian LNG Prices Down on Soft Demand


Asian spot liquefied natural gas prices were down last week on softer Spring demand, but the further downside is limited as Asian buyers are expected to start to return to the market. Industry sources said that the average LNG price was estimated at $25.40 per metric million British thermal units, down $7.60, or around 23%, from the previous week. Last month, China's overall LNG imports fell 17% year-on-year to 4.63 million tonnes, the lowest in two years. China's strict COVID-19 lockdown has lowered demand, but Asian markets could experience a hot summer with above-average temperatures, translating into high power demand and higher demand for LNG. In Europe, LNG deliveries have remained firm in April, and the continent is expected to surpass the record level observed in January. Russian gas pipeline supplies to Europe have remained stable, but market players are concerned over possible disruptions of Russian gas as a deadline for rouble payments nears. In the United States, natural gas futures fell on Friday on route to their first weekly dip in six, with the pullback from 13-year peaks scaled earlier in the week hastened by a larger-than-expected weekly storage build.


Benchmark Gas Price


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IndraStra Global: Oil Falls on Prospect of Weaker Global Growth
Oil Falls on Prospect of Weaker Global Growth
By The Al Attiyah Foundation, Qatar
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